Antwerp, With a whopping $43 billion of rough and cut diamonds passing through Antwerp, home to some 300 Indian families mainly hailing from Palanpur in Gujarat that are engaged in the trade, this Belgian city’s diamond market is dangerously overdrawn and reeling from the financial meltdown.
But, then, the repercussions of the economic crisis on the industry are dire and widespread; some 500,000 jobs have been lost in the Indian diamond-manufacturing hub of Surat in Gujarat while big diamond houses in Israel, an important diamond centre, have already started reporting bankruptcies.
But, then, the repercussions of the economic crisis on the industry are dire and widespread; some 500,000 jobs have been lost in the Indian diamond-manufacturing hub of Surat in Gujarat while big diamond houses in Israel, an important diamond centre, have already started reporting bankruptcies.
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