Modus operandi employed by diamond jewellery businesses to launder money involves import of cheap, synthetic diamonds that are usually overvalued by over 100 times, it is learnt.
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.
India exported lab diamonds worth $216.07 million in financial year 2017-18. The latest numbers – between April 2022 & February 2023 – stand at $1568.55 million.
Finance Minister Nirmala Sitharaman, while announcing the allocation for lab-grown diamonds in the 2023 Budget, had called it an 'emerging sector with high employment potential'.
Losing access to Russian diamonds over long term would devastate the industry, jeopardising thousands of jobs in India and hitting major trading centers across the world.
Even though exports to India make up just about 10% of Russian direct sales, Indian diamantaires fear they could end up on the frontline of the war in Ukraine.
Surat Diamond Bourse, currently under construction, is expected to open in 3 or 4 months. It is expected to house nearly 4,400 merchants and employ about 1.5 lakh people.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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