Around two dozen people connected with the diamond industry, most of them Gujaratis, were amongst those killed in the blasts.
SURAT: Around two dozen people connected with the diamond industry, most of them Gujaratis, were amongst those killed in the blasts. The loss of lives has cast a shadow of gloom over the diamond industry, but traders believe that the blasts will have little impact on diamond sales.
"The damage caused by the loss of human lives is irreparable. However, in business terms, we don't believe that there would be much of an impact of the blasts on the diamond industry," said Nanu Vanani, secretary of Gujarat Hira Bourse. Surat is the biggest centre of diamond production, as eight out of ten diamonds produced globally, are manufactured here. The city is home to around 10,000 diamond cutting and polishing units, which employ around six to seven lakh people. Surat produces diamonds in excess of Rs 50,000 crore annually, most of which are exported through Mumbai.
An estimated 4000 to 5000 diamond brokers and traders from Surat travel to Mumbai twice or three times in a week for business purposes. Many others stay in Mumbai from Monday to Saturday and return to their families in Surat for the weekend. The diamond industry of Surat observed a bandh on Thursday as a mark of respect for those killed in the blasts. "The diamond industry, or for that matter any other industry, should not get cowed down, and allow terrorist acts to affect them. In fact, we should all work with double enthusiasm, so as to give a befitting reply to terrorists. This would also be a perfect tribute to those killed in the blasts," said Vanani.
Jeevraj Surani, partner of J B Diamonds, a leading diamond manufacturing firm, said, "The Mumbai blasts will not have much impact on the diamond industry. However, in case of recurrence of such incidents, India's image as one of the best investment destinations will certainly be affected, which could affect fresh investment, especially by foreign companies."
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