 "Demonetisation brings payments in Surat's diamond industry to grinding halt")
The Diwali vacation in Surat's diamond polishing industry is in for an unplanned extension as the recent move by the Centre to demonetise the currency notes of two denominations had hit this industry hard which thrives on a cash transaction culture. Industry insiders say that payments would be stuck for at least the next two to three months owing to paucity of cash funds, and defaults as such would rise.
Traders feel that payments for both rough and polished diamonds as well as workers' salaries that are made in cash would come to a grinding halt given that Rs 500
