Hundreds of people gathered in Surat following reports of enraged traders spilling parcels of diamonds onto the streets as a protest against the sharp decline in lab-grown diamond prices, IDEX Online reports.
Around 300 people rushed to search the area outside Mini Bazaar, located in Surat’s Varachha district, on September 24. Unfortunately for them, it was later revealed that the “diamonds” were imitation plastic gems typically used for clothing embroidery.
Nevertheless, this incident underscores traders’ growing concerns about the dramatic plummet in lab-grown diamond prices. According to a report on the Blunt Times news website, lab-grown diamond prices have plummeted from $350 to a mere $20 within only six months.
