look news india
Surat's diamond market has once again faced tough challenges. Four lakh workers are engaged in the work of laboratory grown diamonds (LGD) (artificially produced diamonds) in the city. But now the question of livelihood of these workers present in lakhs has arisen.
The situation of lakhs of families has become critical due to the steep fall in the prices of synthetic diamonds. The conditions are so unfavorable that these workers have to struggle for their wages. Not only this, if the prices are not increased, then the sword of losing their jobs is hanging over them at any time. On the other hand, due to export, the workers' condition regarding LGD is also not getting the expected results. The expansion of the LGD sector in recent years has led to a significant fall in prices.
The employees union said that the salaries of the employees are being delayed by 20 days every month. The export volume of LGD increased in the year 2023, but due to the reduction in value, the sector or its workers could not get the benefit. The amount of polished synthetic diamonds exported from India increased by 50 percent in the last calendar year. The volume size in 2023 was 64.5 lakh carats, while in 2022 it was 42.8 lakh carats. But this year the volume growth is also seen to be slow. The export volume of laboratory-grown diamonds decreased by 45 percent in 2024 compared to 2023. It is worth noting that 1.6 crore carats of LGD is produced in India every year. A total of 10 lakh employees are engaged in the diamond sector in Surat. Out of which 40 percent of the employees are associated with LGD. On the other hand, manufacturers expect the demand for LGD to increase.
Lab-grown diamonds lose their shine
About 4 lakh workers are engaged in cutting and polishing of synthetic diamonds in Surat
Synthetic diamonds are currently being sold at a 90 percent discount to the price of natural diamonds
In 2015, this difference was ten percent
Polished synthetic diamond export volume will increase by 50% year-on-year by 2023
Export growth slowed this year
