Surat's diamond industry dims: Factory closures, job losses hit hard

Oct 6, 2024 · AHMEDABAD: India’s diamond industry is facing a severe crisis, with the Gujarat Diamond Workers’ Union reporting that over 60 factory workers have taken their own lives in …

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Surat’s Diamond Industry Struggles To Sparkle Amid Geopolitical ...

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Oct 2, 2024 · Price Drops: Polished diamond prices have fallen by 5-27% due to oversupply and lower demand, further worsening the industry’s financial outlook. Employment Challenges. Job …

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Crisis Gripping Surat’s Diamond Industry - Civilsdaily

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Aug 23, 2023 · Surat’s Diamond Dominance Economic Hub: Surat, located in Gujarat, is renowned for processing 90% of the world’s diamonds, with over 6,000 units cutting and …

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Sep 26, 2024 · Union workers at ports in the East and Gulf coasts earn a base wage of $39 an hour after six years on the job compared to reports that West Coast union workers, which …

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FAQs about Surat's diamond industry dims: Factory closures, job losses hit hard Coupon?

Are job losses pushing Surat's diamond workers to the edge?

In a post on X, Congress general secretary (communications) Jairam Ramesh cited a media report, claiming that job losses and factory closures were pushing Surat’s diamond workers to the edge, resulting in 71 suicides in 18 months. ...

Is Surat's diamond business in crisis?

The Economic Times daily newspaper is available online now. Surat's diamond business is in crisis due to declining global demand and competition from lab-grown diamonds. Workers face job losses and reduced wages, leading to economic hardships. Some have turned to alternative jobs like street vending and online content creation. ...

Are there job losses in Surat?

“Yes; there are job losses because small firms are not able to sustain themselves. The problem is not in their control,” a representative from Surat’s Diamond Association said. Last month, Surat Diamond Workers’ Union, launched a suicide helpline number for those affected by job losses or any financial problems. ...

How many diamond workers have lost their jobs in Surat?

As many as 10,000 diamond workers have lost their jobs in Surat, as revealed by the Diamond Workers Union. As per the Union, the loss of jobs is because of the reduced production and closing of small units. ...

How many diamond units have shut down in Surat?

According to Nanubhai Vekariya, president of the Surat Diamond Association, no diamond units have shut down in the previous two to three months. While the economy is operating at full capacity, there is an unnecessary uproar about the recession. 7 lakh workers are employed by about 3000 units in Surat, he asserted. ...

Is India's diamond industry facing a crisis?

AHMEDABAD: India’s diamond industry is facing a severe crisis, with the Gujarat Diamond Workers’ Union reporting that over 60 factory workers have taken their own lives in the past six months due to economic distress. The union emphasizes that this alarming trend highlights the dire conditions plaguing the sector, pushing many artisans to despair. ...