On the one hand, the ban on export of Russian diamonds destined for India has been tightly observed creating havoc in Surat's cutting and polishing industry. On the other, Russian crude oil has had a free run, benefiting some local and Western stakeholders. What is sauce for the goose, is not sauce for the gander.
India does not produce rough diamonds. It is, however, the world's largest hub for cutting and polishing roughs, which it exports as polished stones and jewelry. Over the last few years, the vibrant industry, concentrated mainly around Surat and Mumbai, has seen a sharp slowdown with falling international orders and increasing competition from laboratory-grown diamonds.
CRISIS IN GUJARAT
A trade think-tank, Global Trade Research Initiative (GTRI), says there has been a perceptible fall of 24.5 per cent in rough diamond imports from $18.5 billion in 2021-22 to $14 billion in 2023-24 triggering defaults, factory closures and widespread job losses in Surat and other centers.
To worsen the situation, since December 2023, the G-7 countries first nudged the European Union to stop all imports of Russian diamonds; and then from February this year turned the screws on India too. When the going was good, Surat, Navsari, Amreli and other centers for cutting and polishing diamonds had built up huge facilities, employing thousands of workers, and creating a huge inventory of imported roughs.
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