Israel-Palestine Conflict Hits Surat Diamond Trade

ENA State 2023-10-20 17:28:04 Ahmedabad, Oct 20 (KNN) Gujarats Surat is facing significant losses due to declining diamond prices and a shortage of rough diamonds caused by the protracted Israel-Palestine conflict, reported the Indian Express. Israel is a significant trading partner in the Indian diamond sector and is important to the world diamond trade. India exported USD 1,279.76 million worth of diamonds to Israel during 2022-23. Israel, a major trading hub, exports raw diamonds worth USD 1,782.80 million. The Gujarat Diamond Workers Association says 30 workers committed suicide in the city in about five months due to economic hardships and unemployment due to the downturn in the industry. The association pointed out that the diamond traders have stopped importing rough diamonds for the next two months, which will trigger a further rise in unemployment. Ramesh Jilaria, president of the Gujarat Diamond Workers Association, said, First it was the Ukraine war that affected the diamond industry. The Israel-Palestine conflict has delivered a double blow, resulting in job losses to 30,000 artisans across Gujarat. Each year, as Diwali approaches, diamond manufacturing units are usually open for 24 hours, but this time diamond workers are getting work for up to 10 hours. Many factories have begun offering a two-day off per week. Due to a scarcity of diamonds and raw material, many small units in Surat have declared an early Diwali vacation, Jilaria said. Bhavesh Tank, vice-president of the Gujarat Diamond Workers Association, said, In Surat, there are approximately 8 lakh artisans working in the diamond industry, on which approximately at least 4 lakh families depend. If the war continues, thousands of people will lose their jobs in the next few days. We have demanded an assistance package from the state government. The association has also written to Commerce and Industry Minister Piyush Goyal regarding the matter. (KNN Bureau) 35226 https://knnindia.co.in/news/newsdetails/state/israel-palestine-conflict-hits-surat-diamond-trade 2023-10-20 17:28:04 knnindia.co.in Israel-Palestine Conflict Hits Surat Diamond Trade