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Recognizing the "Indian Diamond Industry" as a major source of employment in a priority sector like export production with scope for substantial value-addition for the country, the establishment of the Indian Diamond Institute was conceptualized and later put into effect.
The IDI is a Society registered under Societies Registration Act, 1860 and also under the Bombay Public Trust Act, 1950.
The main object of the Indian Diamond Institute is to create professionalism within the diamond gem and jewellery trade and industry and to that end organise the development of a higher level of skill in artisans. The Institute is expected to perpetuate and improve upon the skill involved in diamond processing. Development of new tools, equipment and technology in diamond processing and related subjects dynamically matching with the developments elsewhere in the world is another objective of the institute.