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The Unstable Diamond Industry

Eleven out of thirteen diamonds in the world pass through Surat, if you own a diamond chances are that at least once in its life time it has passed through the hands of the polishers that work here. Currently the diamond industry is very unstable, the Indian government has taken measures to compensate for the slump by removing trade taxes and creating direct trade routes from mines in Africa and Russia, cutting out middle men in European diamond hubs such as Antwerp.

Many factors are coming into play being rough diamonds high-priced at the same time lab grown diamonds everything coming together the whole industry is in a very volatile state it is a very unstable state if this continues for a few more months or a year the industry will go through quite a lot of job losses it will shrink eventually.

Surat will be hit the most because many hundreds of thousands of people are associated with the industry which is very skill oriented. So those people who are associated with this industry, they might not have any other skills because they have been in the industry for 20 or 30 years. So if the industry gets hit hard hundreds of thousands of people will be affected’

– Executive Director at a Diamond Polishing Factory in Surat

Date: 2016

RTL News



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