Russia impact: Surat diamond industry stares at massive job losses in June

The month of May offers some respite with 25 per cent workers sent on leave till June

While the annual vacation period of May has offered Surat's diamond industry some respite with over 25 per cent of workers on leave, the industry is staring at massive job losses if Russian rough imports, stuck due to US sanctions, don't fall through.

Known for polishing 9 out of 10 diamonds in the world, Surat houses roughly 6,000 diamond polishing units that employ nearly 1 million workers and clock up an annual turnover of $21-24 billion or Rs 1.6-1.7 trillion.

However, the industry has now sent over 250,000 workers on 15 days leave till June even as production has taken a hit