India's diamond sector is facing a severe crisis marked by significant factory closures and job losses, according to the Global Trade Research Initiative (GTRI). The industry has experienced a sharp decline in both imports and exports over the past three years, leading to financial defaults and a troubling rise in suicides among workers.
With a large inventory of unprocessed rough diamonds accumulating due to reduced orders and competition from lab-grown alternatives, immediate action is deemed essential to address these challenges and secure the future of the sector.
Citations:
[1] https://www.business-standard.com/industry/news/diamond-sector-faces-severe-crisis-with-factory-closures-job-losses-gtri-124091800516_1.html
[2] https://faolex.fao.org/docs/pdf/nig214137.pdf
[3] https://en.wikipedia.org/wiki/Fireboy_DML
[4] https://www.nairaland.com/8215646/it-illegal-nnpcl-fix-price
[5] https://music.apple.com/ng/album/life-of-the-party-dj-hacord-afrobeats-exclusive-dj-mix/1716594055
[6] https://www.boomplay.com/artists/2145143
[7] https://www.seoforjournalism.com/p/headlines-news-seo
[8] https://afrobeatsintelligence.substack.com/p/fireboy-dml-africas-most-inspired