Crisis in diamond city: Is Surat’s glitter dimming?
1 year, 4 months ago

Crisis in diamond city: Is Surat’s glitter dimming?

Live Mint  

Surat is in pain as the diamond industry is in the middle of a major upheaval. Mint looks at the issue that is plaguing India’s diamond city and the reasons behind this crisis. In 2022-23, India’s gem and jewellery exports totalled Rs1.76 trillion, with cut and polished diamonds accounting for 65% of that value. As the world embraces lab-grown diamonds, Gujarat’s second-largest city is moving fast to ensure that India plays a significant role here, as it did with natural diamonds. The Indian diamond industry sourced almost 35% of its rough diamonds from Russia.

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History of this topic

Gujarat Diamonds & despair
1 week, 6 days ago

Gujarat Diamonds & despair

New Indian Express  

AHMEDABAD: While diamonds are often regarded as timeless treasures, the industries that create these precious gems are currently facing significant challenges. A severe recession has impacted the diamond industry in Gujarat, leading to the closure of more than 2,000 factories -- approximately 50 % of the total-- after the Diwali vacation, according to the Gujarat Diamond Workers Association. The government …

Gujarat's lacklustre diamond industry: Artisans witness worst recession in 50 years
2 weeks ago

Gujarat's lacklustre diamond industry: Artisans witness worst recession in 50 years

New Indian Express  

AHMEDABAD: Gujarat's diamond industry is reeling under a severe recession, with over 50% of factories shutting down after the Diwali vacation, claims the Gujarat Diamond Workers Association. The diamond industry had been on the decline over the past two years due to a falling demand in key export markets and supply chain disruptions, including G7 sanctions on Russian-origin diamonds. "In …

Surat’s diamond factories lose sparkle as global recession hits sector
4 months, 1 week ago

Surat’s diamond factories lose sparkle as global recession hits sector

The Hindu  

Mass scale job losses, pay reduction and uncertainty about work have taken the sheen away from Surat’s famed diamond industry, which employs around seven lakh workers in thousands of factories in cutting and polishing rough diamonds and exporting them in multiple countries. According to Surat Diamond Association’s president Jagdish Khunt; the Russia-Ukraine war and Israel’s action in Gaza are some …

Surat, not Belgium: India pushes back on G7's diamond checks
7 months, 4 weeks ago

Surat, not Belgium: India pushes back on G7's diamond checks

Live Mint  

MUMBAI, NEW DELHI : India is scrambling to soften the impact of curbs on diamond exports to G7 nations, which want the gems tested in Belgium to ensure they did not originate in Russia. The proposal, made by a G7 technical committee, is particularly troubling for Indian diamantaires since the domestic industry cuts or processes 10 out of 11 of …

The promise of Surat’s carat lane
1 year, 5 months ago

The promise of Surat’s carat lane

Hindustan Times  

As our car turns from the smooth Gujarat highways into Surat we are hit by an incongruity – its traffic management. While this was one of the reported suicides by diamond workers, Bhavesh Tank, a former diamond polishing worker who set up Surat Diamond Workers’ Union, says similar incidents have gone unreported. Questions are being raised whether the impressively built …

Diamond worker, wife and children commit suicide in Surat
1 year, 6 months ago

Diamond worker, wife and children commit suicide in Surat

The Hindu  

A diamond worker, his wife and two adult children died after they reportedly consumed a poisonous substance in Gujarat’s diamond hub, Surat city, due to financial distress, said sources. The incident has sent shockwaves across the city among diamond cutting and polishing factories employing around a million people, nearly 90% of them migrants from Gujarat’s Saurashtra region. Almost two dozen …

'Diamond City' Surat At Risk Of Losing Shine Amid Closure of Cutting Units & Mass Layoffs
1 year, 11 months ago

'Diamond City' Surat At Risk Of Losing Shine Amid Closure of Cutting Units & Mass Layoffs

News 18  

Surat, known as India’s Diamond City, seems to be losing its shine, as it witnessed around 15,000 job losses in the past few months due to a drop in international demand. The main centre of India’s diamond industry, Surat houses around 4,000 cutting and polishing units that are a source of livelihood for thousands of workers from across the country. …

Gujarat's diamond industry hit hard by Russia-Ukraine war
2 years, 6 months ago

Gujarat's diamond industry hit hard by Russia-Ukraine war

Firstpost  

The US, where 70 per cent of the cut and polished diamonds are exported from India, has imposed a ban on Russian companies Ahmedabad: The Russia-Ukraine war has adversely affected the livelihood of lakhs of workers of the diamond industry in Gujarat, especially in rural parts of Saurashtra region where many units import small-size diamonds from Russia for processing and …

Ukraine war hits Surat’s diamond industry hard
2 years, 6 months ago

Ukraine war hits Surat’s diamond industry hard

The Hindu  

Mitosh Patel, 38, is a school dropout. They also haven’t got any work in the past 100 days,” Mr. Patel says. Mr. Patel is among the roughly five lakh people in rural Gujarat who are engaged in cutting and polishing of diamonds for nearly two generations. In patli size, almost 70% is imported from Russia,” says Dinesh Navadia, Regional Chairman …

How is Ukraine crisis taking away the shine of Surat's diamond industry?
2 years, 7 months ago

How is Ukraine crisis taking away the shine of Surat's diamond industry?

Business Standard  

Situated on the banks of Tapti -- which follows an east to west itinerary -- Surat has been a bustling industrial city for ages. It accounts for 40 per cent of the world's rough diamonds supply in volume and 30 per cent in value. And the Surat’s diamond industry is also heavily dependent on Alrosa’s rough diamonds. At present, even …

From carats to peanuts: how a pandemic upended the global diamond industry
4 years, 4 months ago

From carats to peanuts: how a pandemic upended the global diamond industry

The Hindu  

As the coronavirus pandemic upended the global diamond industry, shuttering mines from Lesotho to Canada and disrupting supply chains, Rajen Patel swapped diamond polishing for peanut farming. “There are a lot more enquiries from people seeking to buy these luxury stones as a hedge,” said Chris Del Gatto, CEO of the DelGatto Diamond Finance Fund, the largest non-bank lender to …

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