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GUJARAT DIAMONDS & DESPAIR
The New Indian Express Vellore
|December 11, 2024
Severe recession hit the industry in state, over 2k factories shut and 45 lives lost since Diwali
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.
This year, the crisis has driven 45 gem artisans to take their own lives amid rising unemployment. The government has acknowledged in the Rajya Sabha that the diamond sector has struggled for the past three years due to declining demand in key export markets and supply chain disruptions, including G7 sanctions on diamonds of Russian origin.
This story is from the December 11, 2024 edition of The New Indian Express Vellore.
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