Surat, the diamond city of India, has been a significant player in the global diamond trade for centuries. Known for its cutting and polishing expertise, Surat is home to some of the most reputable diamond companies in the country. This article aims to highlight the top 10 diamond companies in Surat, showcasing their contributions to the industry and the city’s economy.
“In the sparkling realm of diamonds, Surat’s brilliance shines through, as it houses the finest gem cutters and polishers in the nation.”
Diamond Industry in Surat
With a rich history dating back to the 17th century, Surat has a long-standing tradition of diamond trading. Today, it stands as one of the world’s largest diamond cutting and polishing centers, playing a crucial role in India’s diamond exports.
The industry’s growth has been remarkable, with a diverse range of companies catering to both domestic and international markets. Surat’s expertise in creating exquisite diamonds has earned it a reputation as a diamond hub globally.
1. Dharmanandan Diamonds
Dharmanandan Diamonds is an Indian diamond manufacturing company headquartered in Mumbai, Maharashtra, India and has manufacturing facility in Surat, Gujarat, India. It was founded in 1985 by Laljibhai Patel and Tulshibhai Goti.
The company manufactures diamonds in various shapes and sizes, ranging from 0.01 carat to 10 carat. It distributes its products through its sales offices at Hong Kong, the United States and Belgium. Moreover, it also enables consumers to buy diamonds and Jewellery online through its website.
In 2008, Dharmanandan Diamonds achieved status of Sightholder and is on De Beers Global Sightholder Sales’s (DBGSS) list since then. In 2022, the company’s revenue was Rs. 6,740 crore.
Dharmanandan Diamonds is committed to social responsibility and has been involved in various initiatives to improve the lives of people in the diamond industry. For example, the company has set up a scholarship fund for the children of diamond workers and has also donated money to build schools and hospitals in Surat.
The company’s core values are elegance, excellence, trust, and value. It strives to provide its customers with the highest quality diamonds at competitive prices. Dharmanandan Diamonds is a leading diamond manufacturer in India and is well-respected in the global diamond industry.
2. Hari Krishna Exports Pvt. Ltd.
Hari Krishna Exports Pvt. Ltd. is a name synonymous with trust and reliability in Surat’s diamond landscape. Founded in the late 1980s, the company has grown exponentially, catering to a diverse clientele worldwide.
Their unique selling points include state-of-the-art diamond cutting technology and a team of skilled artisans. Their commitment to ethical practices and adherence to international standards has earned them recognition as a socially responsible diamond company.
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3. Venus Jewel
Venus Jewel has been a prominent player in the diamond industry since its inception. With a humble beginning in the late 1960s, the company has expanded its operations globally, becoming a significant player in the international diamond market.
One of the key factors that set Venus Jewel apart is their dedication to sustainable practices. They have consistently received certifications for responsible sourcing and environmental conservation, making them a preferred choice for conscious buyers.
4. Kiran Gems Pvt. Ltd.
Kiran Gems Pvt. Ltd. holds a prominent position in Surat’s diamond landscape. With a journey that began in the 1980s, the company has seen remarkable growth, earning accolades for its commitment to excellence. Their wide range of products and services has allowed them to cater to various segments of the diamond market, from exquisite solitaires to custom-made diamond jewelry. Kiran Gems Pvt. Ltd. takes pride in their state-of-the-art manufacturing facilities and skilled workforce, ensuring every diamond meets the highest standards of quality.
5. Rosy Blue (India) Pvt. Ltd.
Rosy Blue (India) Pvt. Ltd. has been a key player in Surat’s diamond industry for several decades. Established in the 1970s, the company has built a strong reputation for its commitment to integrity and transparency in business practices.
Their extensive network of clients spans across the globe, and they have been recognized for their consistent supply of top-quality diamonds. Rosy Blue (India) Pvt. Ltd. actively engages in corporate social responsibility initiatives, empowering communities and promoting sustainable development.
6. Shree Ramkrishna Exports Pvt. Ltd.
Shree Ramkrishna Exports Pvt. Ltd. stands as a testament to the entrepreneurial spirit of its founders. The company’s journey began in the early 1980s, and since then, they have grown into a prominent name in the diamond industry.
With a focus on cutting-edge technology and constant innovation, they have developed a reputation for producing diamonds with unmatched precision and brilliance. Shree Ramkrishna Exports Pvt. Ltd. also places great emphasis on the well-being of its employees, providing a conducive work environment and opportunities for professional growth.
7. Asian Star Company Ltd.
Asian Star Company Ltd. has played a vital role in shaping Surat’s diamond industry. Founded in the 1970s, the company has demonstrated consistent growth and diversification of their product range.
Their ability to cater to diverse markets and offer a wide selection of diamonds has earned them an esteemed clientele. Apart from their business success, Asian Star Company Ltd. has gained recognition for their ethical practices, supporting fair trade and responsible sourcing.
8. Laxmi Diamond Pvt. Ltd.
Laxmi Diamond Pvt. Ltd. has a longstanding presence in Surat’s diamond landscape. Established in the 1960s, the company has evolved with the changing times, embracing modern technology and best practices in the industry.
Known for their unique diamond offerings and custom designs, Laxmi Diamond Pvt. Ltd. continues to push the boundaries of creativity in the market. Moreover, their commitment to sustainability and community development initiatives showcases their dedication to being a responsible corporate citizen.
9. Mahendra Brothers Exports Pvt. Ltd.
Mahendra Brothers Exports Pvt. Ltd. boasts a legacy that spans several generations. Founded in the early 1950s, the company has played a significant role in Surat’s diamond trade history.
With a strong international presence, they have garnered trust and loyalty from clients across the globe. Mahendra Brothers Exports Pvt. Ltd. also places a high emphasis on preserving the environment and supporting social causes, contributing to the betterment of society.
- Headquarters: Mumbai, India
- Brands: Gili, Nakshatra, Asmi, D’Damas, Sangini, Maya Gold, World of Solitaire, Shuddhi
- Revenue: $1 billion (2017)
- Employees: 10,000+
Gitanjali Group is a multinational conglomerate with interests in the diamond, jewelry, and retail industries. The company was founded in 1966 by Mehul Choksi and his brother, Nirav Modi. Gitanjali Group has operations in over 50 countries and is one of the largest diamond and jewelry retailers in the world.
The company’s brands are known for their high quality and stylish designs. Gitanjali Group’s jewelry is sold through a network of over 4,000 stores in India and around the world.
In 2018, Gitanjali Group was embroiled in a major financial scandal. The company’s founder, Mehul Choksi, was accused of defrauding the Punjab National Bank of over $1 billion. Choksi fled India and is currently living in Antigua and Barbuda.
The financial scandal has had a significant impact on Gitanjali Group. The company’s stock price has plummeted and it has been forced to close some of its stores. However, Gitanjali Group is still a major player in the diamond and jewelry industry. The company is currently undergoing a restructuring process and is hoping to return to profitability in the near future.
Emerging Trends in Surat’s Diamond Industry
The diamond industry in Surat is continuously evolving, adapting to changing market demands and technological advancements. Some of the notable emerging trends include:
- Technological Advancements: Surat’s diamond companies are embracing cutting-edge technologies like AI-driven diamond scanning and robotics for precision cutting, enhancing the overall efficiency and quality of diamonds.
- Sustainability Focus: Ethical and sustainable practices are gaining prominence, with companies adopting responsible sourcing, eco-friendly manufacturing processes, and fair trade initiatives.
- Global Market Expansion: Surat’s diamond companies are exploring new markets and forming collaborations with international partners, expanding their reach and customer base.
Challenges Faced by Diamond Companies in Surat
Despite their success, diamond companies in Surat face certain challenges, including:
- Global Economic Fluctuations: Economic uncertainties and market fluctuations impact the demand and pricing of diamonds, posing challenges to revenue generation.
- Ethical Concerns: Maintaining ethical practices throughout the supply chain and addressing concerns related to conflict diamonds remain significant challenges.
- Competition from Other Diamond Hubs: Surat faces competition from other prominent diamond hubs worldwide, necessitating continuous innovation and market differentiation.
Future Prospects of Surat’s Diamond Companies
The future of Surat’s diamond companies is promising, with several growth prospects, such as:
- Expanding Global Reach: The companies’ focus on international markets will open up new opportunities for growth and expansion.
- Advancements in Technology: Continued investments in cutting-edge technology will ensure the production of high-quality diamonds.
- Research and Development: Research in diamond enhancements and new diamond applications will pave the way for exciting possibilities in the industry.
Surat’s diamond companies stand as shining gems in the city’s crown, with their unwavering commitment to excellence, ethics, and innovation. As they continue to grow and thrive, their contributions to the diamond industry and the city’s economy remain unparalleled.
FAQs (Frequently Asked Questions)
Q1. What is the significance of Surat in the diamond industry?
Surat is renowned as a major diamond cutting and polishing hub in India, contributing significantly to the global diamond trade.
Q2. How were the top 10 diamond companies in Surat selected?
The selection was based on criteria such as reputation, turnover, quality, ethical practices, and contributions to sustainability.
Q3. What are the criteria used to rank these companies?
The criteria include reputation, annual turnover, diamond quality, ethical practices, and contributions to sustainable initiatives.
Q4. How does the diamond industry impact Surat’s economy?
The diamond industry provides employment opportunities and contributes substantially to the city’s economic growth.
Q5. Which company is known for its sustainable practices?
Venus Jewel is recognized for its commitment to sustainable practices and has received certifications for responsible sourcing.
Q6. What makes Surat a prominent diamond hub?
Surat’s skilled artisans, cutting-edge technology, and diverse range of diamonds make it a prominent diamond hub.
Q7. How do Surat’s diamond companies handle ethical concerns?
Many companies have embraced ethical practices, such as responsible sourcing, fair trade initiatives, and community development projects.
Q8. Which company has the longest history in the diamond trade?
Mahendra Brothers Exports Pvt. Ltd. has a legacy that spans several generations, making them one of the oldest players in the industry.
Q9. What are the future growth prospects for these companies?
The companies are focusing on global market expansion, technological advancements, and research and development for future growth.
Q10. How do Surat’s diamond companies maintain their reputation?
Surat’s diamond companies maintain their reputation through consistent quality, ethical practices, and commitment to customer satisfaction.