The number of purchases of natural diamonds have decreased in the US.
Due to a decline in shipments to the US and China, nearly 200 diamond cutting and polishing facilities in Surat will cease operations for ten days starting on August 18 in an effort to reduce inventory levels. Since COVID-19, China has only purchased gold, while the US has reduced its purchases of natural diamonds.
According to labor union sources, 500 minor cutting and polishing units located throughout Gujarat have closed, which has resulted in the loss of 70,000–75,000 jobs. These businesses used to sell their goods to major Mumbai and Surat exporters, who then shipped them to international markets.
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