Corona Virus hits Diamond Industry of Surat greatly
Workers in Diamond Industry of India, especially in the parts of Surat have been facing job losses and pay cuts as Corona Virus has hit exports to China. China is the biggest market of precious stones and since February China is terribly affected with Corona Virus.
There are more than 15,000 big and small firms in the state of Gujarat that supply processed diamonds to jewelers globally. The industry employs 1.5 million people. The Gem and Jewelery Export Promotion Council predicts that Indian Gem Industry is to lose 1 billion USD of exports due to Corona Virus.
The effects 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 important is Gem Industry to India?
India is the largest exporter of Gems in the world. The Gems industry plays a vital role in Indian Economy. The industry contributes 7% of GDP of the country.
Category: Economy & Banking Current Affairs