Crisis in diamond city: Is Surat’s glitter dimming? | MInt Primer | Mint

Surat, a hub for diamond processing, is facing a severe crisis. The diamond industry, responsible for 90% of global diamond processing, is grappling with slowing demand, geopolitical challenges related to Russian diamond supply, and competition from lab-grown diamonds. This has led to job losses, pay cuts, and reduced working hours, impacting over a million workers. The crisis reflects the industry's struggle to adapt to changing market dynamics and competition from alternative diamond sources.