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Crisis in diamond city: Is Surat's sheen dimming?
Mint Mumbai
|August 18, 2023
Surat is in pain as the diamond industry is in the middle of a major upheaval. Many people have lost their jobs and some have taken their lives. Mint looks at the issue that is plaguing India's diamond city and the reasons behind this crisis
1 Why is Surat called India's diamond city?
Surat, in Gujarat, processes 90% of all diamonds that are purchased across the world. It is home to over 6,000 units that cut and polish rough diamonds sourced from around the world. Over a million craftsmen and other workers are employed by the industry whose annual revenue is estimated at '1.6 trillion or more. In 2022-23, India's gem and jewellery exports totalled 1.76 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.
2 What's the bad news about Surat?
This story is from the August 18, 2023 edition of Mint Mumbai.
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