Some leading Indian diamantaires and diamond manufacturing companies are reported to have clocked a steep rise in their tax payments for the fiscal 2009-10, indicative of revenue growth noted in the diamond industry.

According to Diamond World, diamond company Dilipkumar Lakhi taxes were 147% higher than those paid in 2009, as were Vishinda Diamond's (+96%), Deepak & Co (+137%), Shree Ramkrishna Exports’ (+307%) and Ankit Gems (+135%).

The names of these companies were recorded in the list of top 100 non-corporate tax payers in India for fiscal 2009-10, prepared by the Mumbai region of Income-Tax department for internal use, as reported in a leading media.

The report suggests that the increase in the individual companies’ tax, combined with a rise in India’s gem and jewellery exports, signal the diamond industry was recovering from the slowdown behind.

India’s overall gem and jewellery exports rose 16% to $28.4 billion in 2009-10 fiscal, from $24.4 billion in 2008-09 fiscal year.