look news india
India's diamond sector is facing a serious crisis. Both imports and exports have fallen sharply this year in the last three years. Due to which factories are closing down due to default. Apart from this, a large number of jobs are being lost. Think Cat said this on Wednesday. According to GTI, export returns have increased. But due to the increasing competition of orders and laboratory-grown diamonds, a large stock of unprocessed raw diamonds has increased.
Urgent action required
According to reports, more than 60 people have committed suicide in the diamond sector of Gujarat, indicating that India's diamond traders are under severe financial and emotional stress. Urgent action is needed to address these problems and secure the future of the sector.
Decrease in import of rough diamonds
According to the think tank's data, rough diamond imports are expected to fall to $14 billion in 2023-24 from $18.5 billion in 2021-22, reflecting weak global markets and lower processing orders. After adjusting for re-exported rough diamonds, net imports fell 25.3 per cent to $13.1 billion from $17.5 billion, reflecting lower demand for processing in India.
Export of Diamonds
Exports of cut and polished diamonds fell 34.6 per cent from a record high of US$24.4 billion in FY22 to US$13.1 billion in FY24, the report said. Also, the share of unsold diamonds returned to India increased from 35 per cent to 45.6 per cent during this period. Net exports of cut and polished diamonds declined 45.3% to US$8.7 billion from US$15.9 billion, reflecting unsold stocks in a weak market.