A report in Economic Times, quoted by IDEX Online, estimates that 20,000 diamond workers have lost their jobs in Surat, India’s cut-and-polish capital, in December.
In addition, according to Damji Mavani, the secretary of Surat Diamond Association (SDA), most of the city’s 4,000 manufacturing units are working at just 60% to 70% capacity.
Last month, it was reported that the ongoing war in Ukraine and weak demand in China are hurting diamond manufacturers in Surat which say “business is down by as much as 40%.” In other Surat news, the Surat Diamond Bourse (SDB) will officially launch around March or April 2023. The Bourse will cover 35.54 acres and house 4,500 offices spread across approximately 600,000 square meters.
