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 factoriesâapproximately 50% of the totalâafter 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.
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