Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well. India’s $23 billion diamond industry accounts for over one-third of its gems and jewellery trade, making up seven percent of the country's Gross Domestic Product (GDP). Gujarat is one of the most economically progressive provinces of the Indian Sub-Continent. Diamond Industry and the Diamond Workers have played a significant role in the high economic growth estimated at 12% SGDP per annum. It is estimated that Surat city alone employs 4.5 Lakhs in the diamond industry and roughly around 1 million people work in the diamond industry The state is the world’s largest producer of processed diamonds, accounting for 72% of the world’s processed diamond share and 80% of India’s diamond exports. With a contribution of 65 to 70% to India’s denim production, Gujarat is the largest manufacturer of denim in the country and the third largest in the world.

KEYWORDS: Diamond Industry, Growth and Development, Workers, SGDP.