Particle.news
Download on the App Store
3 ARTICLES
·
4w ago

Gujarat Unveils Relief Package for Diamond Industry Facing Global Recession

The package includes school fee payments for unemployed workers' children and financial subsidies for polishing units, but key union demands remain unmet.

Image
India’s cut and polished diamond exports have recorded a continuous decline over the past three financial years. (Representational image)
Image

Overview

  • The Gujarat government announced a relief package on May 24, 2025, to support the diamond industry, particularly in Surat, which processes 85% of the world's rough diamonds and employs over 8 lakh artisans.
  • The package provides school fee payments, up to Rs. 13,500 per child for one year, for children of unemployed diamond workers who lost jobs after March 31, 2024.
  • Financial assistance includes a 9% interest subsidy on term loans up to Rs. 5 lakh for polishing units, along with a one-year electricity duty exemption starting July 2025.
  • The Diamond Workers Union Gujarat welcomed some measures but criticized the package for not addressing demands such as compensation for families of workers who died by suicide.
  • The diamond industry has been severely impacted by global disruptions, including declining demand, U.S. sanctions on Russian diamonds, and a three-year decline in India's polished diamond exports, now valued at USD 13.29 billion in 2024-25.