The world’s diamond polishing capital feels Ukraine war impact

India's diamond industry, centered in Surat, is in a severe recession, leading to thousands of job losses and worker suicides. Falling demand, oversupply, global economic downturns, and sanctions on Russian diamonds have drastically impacted the industry.

Over 30,000 workers have been laid off, with 65 reported suicides. Small and medium-sized polishing units are hardest hit, but even major companies like Kiran Gems are scaling back operations.

The rise of cheaper lab-grown diamonds also contributes to the decline. While some hope for recovery during festival seasons, the industry's future remains uncertain.