Diamond Industry

According to Surat Diamond Workers union's rough estimate, some 10,000 diamond workers have lost their jobs in the last few months because of production cuts and small units closing down

"The Russians are not comfortable with the rupee invoicing as far as the gems and jewelry sector is concerned," said Gem & Jewellery Export Promotion Council

Festive orders, sales in December down by 15-20% over last year

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Western markets fear recession and domestic business is uncertain ahead of festival season later this year

With some mines in Botswana being put to work, rough diamond trade could ease by 10% amid US sanctions on Russia's Alrosa which commands 27% global supply

Polishing units shift focus to domestic business as American clients shun Russian stones and company partly owned by the Kremlin comes under sanctions.

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The month of May offers some respite with 25 per cent workers sent on leave till June

A bipartisan group of American lawmakers has sought the help of the Biden administration in restricting the international trade and sale of Russian-origin diamonds

While almost 50% of the Indian industry's rough diamonds come from Africa, Alrosa is the second biggest source with 30-35% share

Lower output has let the industry hold on to bargaining power over polished gems

The diamond industry in Surat is facing a shortage of workers as they are quitting jobs due to low wages.As the COVID cases are decreasing across the world the diamond industry is booming again. Diamond Workers Union says that there is a high demand for polished diamonds in the international market due to which the export of polished diamonds and jewelery has increased. But diamond workers in Surat have not benefited from this.The union says the diamond merchants are reluctant to increase the salaries of workers despite the increase in work.The Diamond Workers Union has alleged that wages during the lockdown have not been paid leading to a 20 per cent shortage of artisans in the industry. Many workers went home due to non-payment of salary in the lockdown.Speaking to ANI, Diamond Workers Union Vice President Bhavesh Tank said, "At least 20 per cent diamond workers from Surat quit jobs due to low salaries. Despite the high demand for polished diamonds in the international market, ...

Many migrant workers have left Gujarat's Surat city

Severely affected by the pandemic, the businesses have made a spectacular comeback

The boom is being driven by bumper holiday jewelry sales, particularly in the vital US and Chinese markets.

Recovery in key export markets and pent-up demand are likely to arrest the decline in revenue of the country's diamond industry

Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.

After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%

If the current economic trends continue at the same pace, the consumer demand is expected to return to the pre-coronavirus times by 2021-22, he added