Diamond News
Sanctions Shatter Surat’s Diamond Industry
The Diamond Loupe
English
Sanctions Shatter Surat’s Diamond Industry
The diamond industry in Surat, Gujarat, is facing a severe crisis due to the Russia-Ukraine war and G7 sanctions on Russian diamonds, leading to factory closures and widespread job losses. Congress leader Shaktisinh Gohil criticized the Indian government’s inaction, urging immediate intervention as diamond exports dropped from USD 23 billion in 2022 to USD 16 billion in 2023. With approximately 2.5.000.000 families affected, the region is grappling with despair, and some workers have reportedly taken their own lives. Gohil calls for diplomatic efforts to address the industry's downturn.
