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The Russia-Ukraine war hits hard on the diamond industry

Diamonds are now brought from African countries for a higher price


 


People working in the diamond industries in Gujarat were adversely affected by the ongoing Russia-Ukraine war. Many units especially in the regions of Saurashtra import small-size diamonds from Russia for processing and polishing.


Due to the ongoing war between Russia and Ukraine, the diamond merchants in Gujarat are now forced to buy diamonds from African countries. “Before the beginning of the war, I used to earn Rs. 25000/month. But, for the last three months, I didn’t earn anything. This war affects the sustenance of all the diamond workers”, said Ravi, a lapidary working in this industry for the last 18 years.


“Around 15 lakh people were associated with the Diamond Industry in the state, their profits have come to a deep dip right now”, said Dinesh Navadiya, Chairman of The Gems and Jewellery Export Promotion Council to PTI.


Diamonds are now taken from countries such as Africa for a higher price. Diamond merchants are struggling in running their businesses. Many industries have cut short the workers now to sustain themselves.


The United States, where 70 percent of these diamonds are exported from India, has imposed a ban on Russian companies is also ‘pulling the diamond business fall’.


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Tags: #Russia-Ukraine war #Diamond Industry Business



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