Savji Dholakia, who runs a diamond export company in Surat, gave away 491 cars, 525 pieces of diamond jewellery and 200 apartments to mark Diwali.

More than 1,200 of his 7,500 employees worldwide benefited from his largesse.

Surat is the hub of India's thriving diamond trade where rough diamonds are polished and exported.

Mr Dholakia has been rewarding his employees lavishly since 2012, when he gave away cars to three employees. Last year, he gifted cars to 72 employees.

His company, Hrishikesh Exporters, is one of the most prominent diamond exporters in Surat and has offices in the US, Belgium and China.

"This company is making profits because of you. If you are happy, then we will progress further. You should enjoy my profits," Mr Dholakia, the owner of Hrishikesh Exporters, told his employees at a special function.

Nareshbhai Maini, one of the employees who received jewellery, said he had been given a car last year for his performance.

"There is no limit to our happiness. This year, the company gave cars to people who had received homes or jewellery in the past and homes to people who had received cars and jewellery in the past."

"There are many workers who have received cars, who will have to learn driving now," Mr Maini said.

Nearly 400,000 people are engaged in cutting and polishing diamonds in more than 2,500 factories in Surat.