India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, factory closures, and widespread job losses, according to a report by the Global Trade Research Initiative (GTRI). The think tank highlighted that the sector is struggling with unsold rough diamonds and increasing competition from lab-grown alternatives.Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the