Reducing demand for cut and polished diamonds in the developed countries, including the United States and China, has pushed some 20,000 workers out of work in the last one month in Surat, where 80% of the diamonds sold globally are polished.
Diamond traders, cutters, and polishers have suffered as a result of a sharp drop in prices and a decrease in demand from China, the United States, and other major markets.
Surat is a city in the western Indian state of Gujarat and is known for its diamond cutting and polishing industry. Surat is the world's largest hub for diamond cutting and polishing, accounting for over 90% of the world's diamonds being cut and polished in the city.
The diamond industry in Surat is a major contributor to the city's economy, with thousands of people working in the industry. Surat is home to a large number of diamond cutting and polishing units, which are known for their high levels of efficiency and productivity. The diamonds produced in Surat are of high quality and are exported to countries all over the world, including the United States, Europe, and China.
Surat is also home to a number of diamond trading centers, where diamonds are bought and sold by traders and wholesalers. Surat is also home to a number of institutes and training centers that offer courses in diamond cutting and polishing, and many young people in the city learn these skills in order to enter the industry.
The diamond industry in Surat has faced challenges in recent years due to factors such as changing consumer preferences and increased competition from other diamond-producing countries.
A number of initiatives to assist the industry have been announced by the Gujarat government, which is located in Surat. Among these initiatives is a relief package worth Rs 500 million designed to increase demand and aid in the industry's revival.
