India's “diamond city” struggles to sparkle after border brawl with China

Record ID: 1561805

  • Title: India's “diamond city” struggles to sparkle after border brawl with China
  • Date: 10th July 2020
  • Summary: SURAT, GUJARAT, INDIA (JULY 10, 2020) (ANI - NO USE INDIA) VARIOUS OF DIAMOND CUTTERS WORKING DIAMOND CUTTER WORKING DIAMONDS ON DISPLAY DIAMOND BEING EXAMINED CLOSE OF DIAMOND (SOUNDBITE) (Hindi) REGIONAL CHAIRMAN, GEMS AND JEWELLERY EXPORT PROMOTION COUNCIL, DINESH NAVADIYA, SAYING: "The situation that has araised after India's border issue with China...we are unable to take a firm decision that whether we should completely stop the export of the diamonds and halt the trade with China." VARIOUS OF DIAMOND CUTTERS WORKING
  • Embargoed: 24th July 2020 17:51
  • Keywords: China Gujarat India Surat army border issue business coronavirus diamond industry lockdown soldiers
  • Location: SURAT, GUJARAT, INDIA
  • City: SURAT, GUJARAT, INDIA
  • Country: India
  • Topics: Economic Events
  • Reuters ID: LVA001CM87UXB
  • Aspect Ratio: 16:9
  • Story Text: Traders in India's diamond hub Surat city already hit hard by the coronavirus lockdown, are now claiming a steep fall in the export of the precious stones after the deadly clash with the Chinese soldiers at a Himalayan border in Ladakh.
    More than 40 percent of the diamonds that are polished in Surat are exported to China and Hong Kong, which are at a halt because of the high-altitude brawl in the Galwan Valley on June 15, in which 20 Indian soldiers were killed and at least 76 were injured.
    A trader in the diamond city on Friday (July 10) said the business has been bleeding due to loss of $154 million after the COVID-19 outbreak and now they were pondering over trade with China following the standoff.
    Surat is the world's largest diamond polishing hub and nearly 90 percent of the global diamonds are polished here. The city houses nearly 10,000 diamond units, accommodating polishing as well as cutting of the stone, according to India's Gems and Jewellery Export Council.
  • Copyright Holder: ANI (India)
  • Copyright Notice: (c) Copyright Thomson Reuters 2020. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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