Surat, May 23 -- Surat's real estate sector is experiencing a downturn, closely tied to the ongoing slump in the city's diamond industry.

The number of new construction project approvals by the Surat Municipal Corporation (SMC) decreased from 724 in 2022-23 to 553 in 2024-25, indicating reduced investor confidence.

The city's economy, heavily reliant on cut and polished diamonds (CPD), has seen a significant decline.Exports of CPD dropped by 16.75 per cent, from USD 15.96 billion in 2023-24 to $13.29 billion in 2024-25.

Imports of rough diamonds also fell by 24.27 per cent in value and 16.2 per cent in volume during the same period.Lab-grown diamond exports declined by 9.64 per cent, highlighting the industry's overall downturn.

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