AHMEDABAD: 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.“In Surat, the diamond hub of Gujarat, 40% of factories remain shut after Diwali,” said Ramesh Jilaria, President of the Gujarat Diamond Association. “Ahmedabad sees 30% closures, while cities like Rajkot, Amreli and Botad report shutdowns of 50% to 60%.”“An estimated 2,000 diamond factories across these regions have not reopened after Diwali, and many may remain closed,” he added.
Source link
