Polishing industry faces production cut amid delay in rough diamond imports

India's cut and polished diamonds industry, of which Surat is the largest cluster comprising over 90 per cent of the business, continues to suffer amid the Russia-Ukraine conflict. The industry is facing a hit of at least 30-40 per cent to its production capacity, due to delayed diamond imports.

While Russia is nowhere among the top export destinations for cut and polished diamonds from India, the country's Alrosa is one of the major suppliers of rough diamonds.

"After an initial scare of banks freezing transactions, the Indian diamond industry made all the payments to Alrosa which intends to stay true to its