Diamond industry

• The Gem and Jewellery Export Promotion Council and other leading associations have directed members to halt import of rough diamonds for two months from October 15, amid a steep rise in inventory of polished diamonds due to a sharp fall in exports.
• Exports of gems and jewellery by India fell nearly 4.4% to $12.4 billion by value between April to August this year.
• This is mainly due to reduced demand for polished diamonds from major consumers, the United States and China.

STATUS

• INDIA cuts and polishes nine out of 10 of the world’s rough diamonds
• The industry is providing employment to two million Indians.
• Surat in Gujarat is a global hub for diamond manufacturing.
• India contributes 19% of the total diamond exports in the world.