Business Slumps in Surat, say Manufacturers
December 18, 22
(IDEX Online) - Manufacturers in Surat says business is down by as much as 40 per cent as the ongoing war in Ukraine depresses markets in the US and Europe.
Demand in China, where an easing of Covid restrictions has led to a spike in cases, is also weak. It usually accounts for a round a third of India's diamond exports.
Many workers in India's cut-and-polish capital have had their wages cut by a fifth and 100,000 have lost their jobs, Bhavesh Tank, Gujarat vice-president of the Diamond Workers' Union, told the Financial Express.
It quotes Nilesh Bodki, who runs a large size diamond unit, as saying his business is down 40 per cent by volume.
"The diamond industry has been witnessing continuous ups and downs," he said. "Due to the Russia-Ukraine war, demand declined and the market is still unable to recover."
Generic picture of diamond polishing