ANI
20 May 2022, 20:55 GMT+10
Surat (Gujarat) [India], May 20 (ANI): India's diamond polishing hub Surat has lost its glamour in the wake of the ongoing Russia-Ukraine War which has affected the supply chain of rough diamonds.
Speaking to ANI, Dinesh Navadia, Regional Chairman, Gems and Jewellery Export Promotion Council said, "Surat's diamond industry witnesses an impact amid the Russia-Ukraine conflict. Every month raw material of around 1.75 lakh carat was imported into Surat via Russia. No raw material availability now. Over 30 to 35 per cent of rough diamonds imported from Alrosa directly come to the Indian market at Surat and Mumbai for cutting and polishing."Major diamond factories in Surat have reduced the working week from three to four days. Several small factories in Surat have been closed for the time being.
"Russian rough diamonds are generally smaller, making up 40 per cent of India's diamond trade by volume and about 30 per cent in value. The war with Ukraine has now affected this 18 billion dollar trade. The stock of Russian raw materials sent to India before the US sanctions are also about to run out," added Navadia.
The Diamond Workers Union Gujarat's Surat unit on May 4 sent a memorandum addressed to Gujarat Chief Minister Bhupendra Patel seeking financial aid to be given to the diamond workers.
The Russian invasion of Ukraine started on February 24, 2022, and the US imposed sanctions on several items exported from Russia around mid-April. (ANI)
Get a daily dose of International Travel News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.
More InformationDUBLIN, Ireland - Year-round flights to and from Cairo and Dublin have commenced.The flights operated by EGYPTAIR are the first ...
WASHINGTON D.C.: Despite weather and staffing issues resulting in travel disruptions, last week the U.S. Transportation Security Administration (TSA) screened ...
Liz Cambage racked up 21 points and 11 rebounds and Nneka Ogwumike also scored 21 points as the Los Angeles ...
Hyderabad (Telangana) [India], July 2 (ANI): The two-day Bharatiya Janata Party (BJP) National Executive meeting will start in Hyderabad today. ...
Hyderabad (Telangana) [India], July 2 (ANI): Bharatiya Janata Party (BJP) national president JP Nadda held the meeting of the party's ...
New Delhi [India], July 1 (ANI): The online bus ticket vertical of the Indian Railway Catering and Tourism Corporation (IRCTC) ...
SHANGHAI, China: Walt Disney Company reopened Shanghai Disneyland on 30th June, one month after the city lifted a two month ...
DUBLIN, Ireland: Ireland has reached the middle stage of another wave of Covid-19 infections due to the spread of the ...
BERLIN, Germany: A German Interior Ministry spokesperson has said that in a bid to relieve airports overwhelmed by staff shortages ...
DUBLIN, Ireland - Year-round flights to and from Cairo and Dublin have commenced.The flights operated by EGYPTAIR are the first ...
DUBLIN, Ireland: After passengers have had to face hours-long screenings, and with the possibility of worsening staffing problems this summer, ...
WASHINGTON D.C.: Despite weather and staffing issues resulting in travel disruptions, last week the U.S. Transportation Security Administration (TSA) screened ...