Winning Bizness Desk

Mumbai. Gujarat's diamond industry has been in trouble due to the ban imposed on Russia by the Western countries as war in Ukraine still continues. The import of rough diamonds in the country has fallen by 29% due to the stoppage of Russian diamond imports. As a result, 25 thousand diamond artisans of Gujarat have become unemployed. Due to less work, the weekly holidays have been increased from one to two and the working hours have been reduced from 8 to 6.

American ban affecting business

The country used to import rough diamonds worth Rs 75 thousand crores annually from Russia. Most of the stock in this was of thin diamonds. This type of diamond is not mined in any other country in the world, but now the American ban has been imposed on them. That is, traders who buy and sell Russian diamonds will not be able to do business with America.

25K diamond artisans unemployed

Regional President of Gems and Jewellery Export Promotion Council (GJEPC) Dinesh Navadiya said that due to the Russo-Ukraine war, more than 25 thousand diamond artisans of Gujarat have been unemployed. Apart from Surat, North Gujarat and Saurashtra also have Russian diamond polish on a large scale. Navadiya said that till now the old stock was running, but that too is getting exhausted now. If diamond imports from Russia remain stalled like this, then diamond factories will also start closing.

America is the largest market for diamonds

More than three quarters of the polished diamonds produced in the country are exported to the US, UAE and Hong Kong. America is the largest market for diamonds in the world. Even during the Corona period, the demand for diamonds from here had increased instead of decreasing. In such a situation, diamond traders do not want to anger America.