There are about 8-10 lakh diamond workers in Surat, says Diamond Workers Union Gujarat. Most of these workers are neither permanent nor registered employees on the payroll.
Till now, Surat has been the diamond manufacturing hub & Mumbai the export base. However, Gujarat's ease of doing business & lower costs, could make Surat Diamond Bourse a hub for both.
At least eight diamond workers in Surat have died by suicide in the past three months with about 15,000 laid off while the industry's losses have increased from 1% to 15-20% annually in the last five years.
Surat's diamond industry hit by global slowdown, unrest, and floods in Africa, from where raw diamonds are sourced. Workers union says 20% companies have halted operations.
With Covid cases & lockdown norms not letting diamond units work in full capacity, $24 bn industry is looking forward to Diwali season hoping for demand to pick up.
With global economy sinking, safety issues in operations and Covid-19 load, the Surat Diamond Association is focussing on migrants' return and not revival of the industry.
The closure of Argyle, best known as the source of about 90% of the world’s prized pink diamonds, could kick-start diamond prices that have waned since 2011.
We now live in a world order that will keep shifting. India must use this window. This also means we remain disciplined enough not to be knee-jerked into reacting to what Pakistan sees as its moment in the sun.
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