US sanctions on Russian diamonds: Surat industry stares at 25% job loss

Companies urge that sanctions be imposed only on high-valued diamonds of one carat and above

With the United States and Europe expected to impose stricter sanctions on diamonds originating from Russia by the end of May, the Surat polishing industry is staring at a 25 per cent job loss.

Representatives of the US State Department and European Union (EU) are discussing the matter with key stakeholders of the diamond industry, especially in India. If harsher sanctions are imposed, it will be difficult for diamonds sourced from Russia and polished elsewhere to be sold in US and European markets.

Led by Surat, the Indian diamond industry polishes nine out of 10 stones mined globally.

Surat houses