Sanctions EU and G7 kill India's "diamond city"

Indian Surat, called the "diamond city", is experiencing a severe financial crisis due to sanctions imposed on Russia. The telegram channel "DW * main" writes about this.

Many local cutters have lost their jobs and are barely making ends meet, and the number of suicides is growing in Surat, TK notes.

"The fact is that in March 2022, the European Union and the G7 countries banned the import of Russian diamonds through third countries, seriously restricting access to key raw materials used by the Indian diamond industry. More than 30% of raw materials were supplied to India from the mines of the Russian company Alrosa. As a result, India lost almost a third of revenues from the sale of diamonds, and the three largest customers — the United States, China and the UAE — significantly reduced their purchases," explains TK.

It is noted that more than 600 thousand people are employed in the diamond industry of India, and Surat is its center. Local craftsmen cut and polish 80% of the world's diamonds. Due to the measures of the European Union and the G7 countries against Russia, thousands of specialists have lost their jobs or faced a sharp reduction in salaries. The trade union demands to provide them with a package of economic assistance.

*An organization performing the functions of a foreign agent