Post by : Shakul

The Surat Diamond Bourse, once projected as the future hub of global diamond trading, is now witnessing low activity with only a small number of offices operational. Built as one of the largest trading complexes in the world, the largely empty premises reflect the growing challenges faced by the diamond industry.

The global diamond market, valued at around $80 billion, is currently going through a severe slowdown. Demand from key markets like China has weakened significantly, while rising gold prices and economic uncertainty have reduced spending on luxury goods. Ongoing geopolitical tensions and disruptions in supply chains have further added pressure on the industry.

In India, the situation has worsened due to high tariffs imposed by the United States on diamond exports, which have impacted demand sharply. Surat, where a majority of the world’s diamonds are cut and polished, is experiencing a decline in export orders, affecting traders, workers, and overall market activity.

At the same time, the rapid rise of lab-grown diamonds is reshaping the industry. These more affordable alternatives are gaining popularity globally, leading to reduced demand for natural diamonds. While there are early signs of stabilisation, the industry continues to face uncertainty as traders remain cautious and avoid holding inventory.

#India News #Business News