Surat's Special Economic Zone (SEZ) faced a significant setback in FY 2023-24, with diamond, gems, and jewellery exports dropping by Rs.12,765 crore compared to the previous fiscal year. This decline reflects ongoing economic challenges in major international markets such as China, the U.S., and Europe, which have impacted demand for luxury and high-value goods
The Special Economic Zone (SEZ) in Surat reported a significant drop in diamond, gems, and jewellery exports, with a decrease of Rs.12,765 crore in FY 2023-24 compared to the previous year. The decline is attributed to weakened demand in key markets, including China, the United States, and Europe, which continue to experience economic slowdowns.
Over recent years, the export values from Surat SEZ have fluctuated significantly. In FY 2020-21, exports totaled over Rs.16,000 crore, rising to over Rs.20,000 crore in FY 2021-22, and further to over Rs.26,500 crore in FY 2022-23. However, the latest fiscal year saw a substantial dip, with exports amounting to just over Rs.13,700 crore.
Industry experts caution that this downturn may persist, with projections indicating a potential further decline in exports from Surat SEZ in FY 2024-25 if global demand does not recover.
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