India's diamond sector faces factory closures, job losses, and declining imports/exports due to decreased demand, lab-grown diamond competition, and economic uncertainties.

India's diamond sector is in crisis, facing factory closures, job losses, and a significant drop in imports and exports. The Global Trade Research Initiative (GTRI) reports a 34.6% decline in cut and polished diamond exports and a 24.5% drop in rough diamond imports, driven by decreased demand, competition from lab-grown diamonds, and economic uncertainties. GTRI recommends policy changes to support the struggling industry, including tax exemptions and export credit extensions.

September 18, 2024
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