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Israel war takes the sheen off Surat's diamond trade
The Morning Standard
|October 20, 2023
One of the world's biggest hubs of diamond cutting and polishing, Gujarat's Surat is facing significant losses due to declining diamond prices and a shortage of rough diamonds caused by the protracted Israel-Palestine conflict. Israel is a significant trading partner in the Indian diamond sector and is important to the world diamond trade.
However, this is not the first time that the trade has suffered. The fall began with the Russia-Ukraine war early last year. Many diamond workers have lost their jobs. The Gujarat Diamond Workers' Association says 30 workers committed suicide in the city in about five months due to economic hardships and unemployment due to the downturn in the industry.
This story is from the October 20, 2023 edition of The Morning Standard.
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