Future of 30K Diamond Workers from Amreli Uncertain

Manufacturing
07/07/2015 11:17

The recent floods in Amreli have spelt disaster for the local diamond industry that was already impacted by the slowdown in Surat. While the natural calamity has left half of the nearly 1,400 diamond units useless, large number of defaults running into crores in Surat is only going to add to the woes of polishers who want to shift to the diamond hub. Many diamond merchants, reeling under defaults and factors like credit tightening, had already stopped sending roughs to Amreli. Nagji Sakaria, a diamond merchant in Mahidharpura, "There are two factors; one is of reduced credit limit by the rough dealers and the other one is the mixing of synthetic stones. The rough diamonds are priced heavily and the profit margins have eroded. There is no point in sending diamonds for job work in Amreli."