The global recession has taken the sparkle off India’s diamond polishing industry, which cuts and polishes 70% of the world’s diamonds. As a part of the luxury sector, the $65 billion diamond industry is especially vulnerable in economic downturns. Prices have tumbled in
recent months as global demand falters. According to trade groups, nearly 200,000 people, nearly half the industry’s workforce, have been laid off in Surat, Gujarat, the heart of India’s diamond industry. |
Diamonds in the Rough
