Diamonds in the Rough: Unravelling A Multi-Billion Dollar Crisis
India's massive diamond industry is grappling with a prolonged crisis. Western sanctions on big miner Russia, inflation in the US and a downturn in China have hit the industry which cuts and polishes nine of ten diamonds in the world. Exports from the world's top diamond exporter are down; companies are cutting output, salaries and staff. In Surat, that controls 90% of India's diamond trade, the fates of thousands of workers hang in balance. Several have died by suicide. Team TMB travels to the heart of the diamond business and talks to merchants, brokers, workers, and a union leader to…
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