The heat of the ongoing war between Russia and Ukraine since February is now reaching India as well. According to reports, this fight has also affected the diamond business in the Indian city of Surat. According to reports, the import of rough diamonds has come down due to the ongoing war between Russia and Ukraine. Due to this, there is also a slowdown in the diamond business in the market. Due to this recession, about 25000 diamond artisans have become unemployed.
Let us tell you that 65 percent of the rough diamonds in the country are imported from Russia. The diamond business here is 100% dependent on imports. Since the start of the war between Russia and Ukraine, now there is a shortage of diamonds in the domestic market. The arrival of rough diamonds in the country has come down by 29 percent. The decline in diamond imports has had a direct impact on the business. Due to this, 25,000 artisans of Gujarat have become unemployed. Where work is being done, the working hours have also come down from 8 to 6. Diamond traders have started giving two days' leave to the artisans instead of one. Let us tell you that India has been importing diamonds worth Rs 75,000 crore annually from Russia, but it has come down after the start of the war between Russia and Ukraine.
Let us tell you that there is a business of polishing rough diamonds on a large scale in the areas of North Gujarat, Surat, and Saurashtra of Gujarat. GJEPC says that the old stock of the industry is also getting exhausted. Due to the shutdown of imports, factories have started shutting down. There are more than 8000 units of diamond cutting and polishing in Gujarat. In Surat alone, 75 percent of the rough diamonds in the entire country are imported. The diamonds prepared here are sold in countries like America, UAE, and Hong Kong. America is the largest buyer of polished diamonds.
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