Diamond Industry Sees No Debt Impact

Published on 15/08/11

After having experienced sleepless nights during global slowdown in 2008, the Surat diamond industry seems to have played safe as far as US, the biggest diamond jewellery market, is concerned. Even as the entire world is keeping a close watch over US debt crisis, the Diamond City of India has exuded confidence that the current situation in US is unlikely to have any effect on diamond business. The reason: diamontaires have reduced their dependence the US market by partially shifting its export focus from US to the Asian nations post global turmoil couple of years back.

It may be mentioned here that the recession in 2008, largely triggered by financial crisis in US, left the Surat diamond industry in deep trouble with hundreds of diamond cutting and polishing units bringing down their shutters and subsequently thousands of labourers losing their jobs.