Economy

Diamond Polishing
Surat is famous for its diamond industry and textile industry, along with silk and chemicals. It is at the heart of the world's diamond-polishing industry, which in 2005 cut 92% of the world's diamond pieces and earned India $15 billion in exports. Gujarati diamond cutters emigrating from East Africa established the industry in 1901 and by the 1970s Surat-based diamond cutters began exporting stones to the US for the first time. Though much of the
 
 
polishing work takes place on small weight stones, Surat's workshops have set their eyes on the lucrative market for finishing larger, pricier stones in the future. Hollywood blockbuster
 
"Blood Diamond" 1990 features a unit of Surat in one of their scenes in the movie. This movie created havoc in Surat for becaause many of the conflict diamonds enter Surat.Surat became international news and international pressure came on Surat to curb "Conflict Diamonds." 
 
The November 18, 2008 issue of the Wall Street Journal had an article about the diamond industry in Surat. It claims that 80% of the world's finished diamonds are cut and polished in this city. However the wages of the industry's workers remained flat for years and 250,000 workers, or one-third of the city's diamond industry workforce, has left between 2005–2008, leaving about 500,000. Only after a July 2008 strike did the workers obtain a 20% salary raise, their first in a decade.Most of diamonds are pollished in varachha area
 
Rich City Of India
Textiles
Surat is known for producing world-class synthetic textiles."
Surti households have been declared the most prosperous in the country by the National Council of Applied Economic Research (NCAER) and Future Capital Research's Roopa Purushothaman in their latest study. The average annual household income (AHI) in the diamond city is Rs 4.57 lakh - the highest in the country. The study says that Surat's AHI is almost equal to China's per capita income of 2007 and double the national per capitaincome. Even its GDP growth of 11.5 per cent for the many consecutive years is the fastest in the country. Recently Surat's diamond and textile industry faced the recession due to slowdown in US economy but is recovering. JARI, the oldest business in Surat, and 80000 embroidery units make the city a major center of the embroidery industry.
Mega Industries Hazira Zone
Surat also has many industrial Giants such as KRIBHCO mammoth fertiliser plant, Reliance petrochemical plant, Essar's 10 million tonne steel plant, L&T's heavy engineering unit, GSEG, gas processing plant of ONGC,GAIL(Gas Authority India Ltd.), Niko Resources Ltd(MNC A Canadian based company Olpad, Surat, Gujarat Type of Project: Exploration and Production Oil & Gas), NTPC -KGPP gas based power plant, Shell LNG terminal All these at Hazira and ABG Shipyard (Shipbuilding Yard) and Ambuja Cement (grinding Unit) atMagdalla port where as Torrent Power has mega power plant and GIPCL has got a huge lignite power plant in kamrej area. L&T colony & Bachelor hostel and ONGC colony are situated near to the airport. One can go to ahmedabad mumbai highway by taking following the NH6 bypass.
Real Estate
Housing sector is the most preferred segment in Surat too like in other parts of the country. Leading property developers are coming up with all kinds of affordable and luxury homes to woo buyers from all classes i.e. to cater to the needs of both nationals and NRIs. Though the industrial sector of the city is quite well established, expansion work is going on in full swing. Even the retail property sector is developing manifold to meet the recreation needs of its growing population with number of malls, multiplexes and retail outletsopening up across the city. Surat real estate is at its best with builders taking keen interest in developing property in the peripheries of the ‘Silk City'.