Mumbai: India’s diamond cutting and polishing hub located in Surat is hard hit following the worst crash in polished diamonds prices in the international market. The prices have fallen 7%-10% due to a severe economic crisis in the key diamond consuming countries coupled with the outbreak of coronavirus pandemic, say media reports.

The plummeting of prices comes on the heels of India’s export of polished diamonds crashing by 41% to $1.38 bln in February.

It was in November and December-2019 that the diamantaires had purchased rough diamonds at high prices, anticipating good demand in the international market in 2020. However, the coronavirus outbreak came as a big disruption with export to Hong Kong and China decreasing by almost $1.5 billion during January-February, 2020.

On the other hand, Diamond Workers’ Union of Gujarat has demanded paid vacation of at least one month for diamond artisans working in nearly 20,000 diamond cutting and polishing units across the state.

“Except some of the large units of diamond cutting and polishing, working conditions in most of the units are pathetic and hence diamond artisans are the most vulnerable to coronavirus infection. Diamond artisans are working in a group that, too, at almost a couple of feet distance between them. Hygienic conditions in most of the factories are not maintained properly. Moreover, most of the firms are not providing sanitiser and mask facilities to them,” claims Ranamal Jilariya, president of the union.