Corona Virus strikes Diamond Industry of Surat greatly
Workers in Diamond Industry of India, especially in the parts of Surat have actually been facing job losses and pay cuts as Corona Virus has hit exports to China. China is the biggest market of gemstones and given that February China is extremely affected with Corona Virus.
There are more than 15,000 big and little companies in the state of Gujarat that supply processed diamonds to jewelry experts internationally. The market uses 1.5 million people. The Gem and Jewelery Export Promo Council anticipates that Indian Gem Industry is to lose 1 billion USD of exports due to Corona Virus.
The results are already been seen according to the council. The exports to china fell by 14%and to Hong Kong fell by 21%in January, 2020.
How essential is Gem Market to India?
India is the biggest exporter of Gems in the world.
Categories: Business, Economy & Banking