Podcast: India’s Large-Diamond Story

India’s diamond manufacturing sector has shifted toward large stones, shedding its reputation as a volume business, says Venus Jewel partner Devansh Shah. 

“The perception probably is still taking time to change, but the reality has already changed,” Shah told Rapaport’s Joshua Freedman on the latest episode of the Rapaport Diamond Podcast. “The world now has seen the possibility of India making the most expensive and the most important diamonds that are possible to craft.” 

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Surat-based Venus was one of India’s first companies to focus on 2-carat and larger diamonds. This dates back to Shah’s grandfather, Sevantilal Shah, who identified the potential in the 1980s. 

“My grandfather used to visit Antwerp and all the other important locations in our industry,” the younger Shah continued. “And he saw this parcel [of large stones] once, and he [saw it was] a wonderful opportunity to try it out.” 

He credits his grandfather’s commitment and vision as the impetus behind Venus achieving something many did not think possible for India. 

“It worked out well for us, for many of our family, friends and relatives, and gradually the whole industry transformed into being able to manufacture more than 90% of the world’s diamonds,” he related. 

The episode — recorded in early May — covers Venus’s increased focus on fancy shapes and how this segment has performed. It also looks at some of the industry’s pressing issues, as well as the latest developments in India’s manufacturing trade and domestic jewelry market. 

Listen to the podcast here: 

This podcast is brought to you by GIA — protecting consumers and supporting the global gem and jewelry trade since 1931 through research, education, and laboratory services.