In the last one year, around 350 small and medium diamond units have downed shutters in the world's largest diamond cutting and polishing hub, rendering more than 25,000 diamond workers jobless.
The Indian polished diamond production fell by almost 40% due to the weak demand from the US and China. Rough diamond sales went up in India, with eight per cent share, increased three per cent (again, in local currency.
The compound annual growth rate (CAGR) of the industry from 2009 to 2014 stands at six per cent for polished diamonds and five per cent for diamond jewellery. India imported roughs worth $16,757 million in 2014/15 and exported cut and polished diamonds of $23,160 million.