India's diamond capital loses sheen thanks to China jewellers' default
India\'s Diamond Capital Loses Sheen Thanks To China Jewellers\' Default. A year ago, India’s diamond capital hit the headlines when one of the largest polishing companies in the western city.
Surat: A year ago, India’s diamond capital hit the headlines when one of the largest polishing companies in the western city of Surat treated hundreds of employees to bonuses in the form of Fiat cars, apartments and jewellery. This year, there’s no sign of a repeat bonanza in a city that by some estimates polishes about 80 per cent of the world’s diamonds.
More than 5,000 Surat polishers have lost their jobs since June and thousands more could be left without work, as Chinese consumers pull back from luxury purchases, leaving jewellers with stocks of unsold jewellery and gems. Polis-hers say Chinese jewellers have defaulted on deals worth millions of dollars.