The ongoing war in Ukraine and weak demand in China are hurting diamond manufacturers in Surat, India’s cut-and-polish capital, which say “business is down by as much as 40%,” according to a report by the Financial Times quoted by IDEX Online.
In addition, according to Bhavesh Tank, Gujarat vice-president of the Diamond Workers’ Union, “many workers” in Surat have had their wages cut by a fifth, and 100,000 people have lost their jobs.
“The diamond industry has been witnessing continuous ups and downs,” said Nilesh Bodki, who runs a large size diamond unit, “due to the Russia-Ukraine war, demand declined and the market is still unable to recover.”
