India's Diamond Industry

14 out of 15 diamonds set in jewelry worldwide are cut and polished in India. In 2021, we exported a massive $26 billion worth of diamonds all across the world. Our gross diamond exports have declined by nearly 10% in FY23 over the previous year. And guess who gets hurt the most when this happens? Surat. It employs over 8 lakh people and has a virtual monopoly in the diamond cutting and polishing trade. But right now, these processing units are working at only 70%. And 20,000 employees have already been laid off.