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Diamond industry in India hit by China slowdown


Diamond industry in India hit by China slowdown

Surat, Sep 10 (ANI): The slowdown in Chinese economy has adversely affected diamond industry in India. As per data issued by Gem and Jewellery Export Promotion Council (GJEPC), diamond export from Surat city, which by some estimates polishes about 80 percent of the world's diamonds, to China has declined ever since financial crisis hit the neighbouring country.

More than 5,000 Surat polishers have lost their jobs since June and thousands more could be left without work, as Chinese consumers pull back from luxury purchases, leaving jewellers with stocks of unsold jewellery and gems. Polishers say Chinese jewellers have defaulted on deals worth millions of dollars.

Navadiya said that the US could benefit in diamond business in the present scenario. Nearly half a dozen large diamond companies in the city have closed down: a significant hit for an industry that employs nearly a million people in India, two-thirds of them in Surat.

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