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Surat diamond industry reels under G7 sanctions on Russia global recession fears


The fresh sanctions from G7 on Russian diamonds will impact the employment of of nearly 30 lakh diamond workers in Surat as well as in Saurashtra, Amreli and Bhavnagar.


Surat's diamond industry hit by global slowdown, unrest, and floods in Africa, from where raw diamonds are sourced. Workers union say 20% companies have halted operations.


Diamond units in Surat have been suffering from non availability of Russian rough diamonds and fears of global recession.


Exporters are worried that if fresh sanctions are put in place, then the movement of cut and polished diamonds from India will be further impacted.


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