India's diamond industry has faced significant setbacks in recent years, with declining demand in key export markets and the impact of G7 sanctions on Russian-origin diamonds. According to a statement by Commerce and Industry Minister Piyush Goyal in Parliament, diamond exports fell to $18.37 billion in 2023-24, down from $25.48 billion in 2021-22, while imports also decreased.
Goyal highlighted that reduced demand and supply chain issues, particularly related to Russian diamonds, have affected the sector. To address this, the Department of Commerce, in collaboration with industry bodies like the GJEPC, is exploring new markets and products while maintaining established ones.
"Yes, the diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply side issues such as G7 Sanctions on Russian origin diamonds," Piyush Goyal said.
The diamond sector in India employs around 1.3 million people, with Surat, Gujarat, home to the world's largest diamond cutting and polishing operations, playing a central role in the industry.
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