<p>New Delhi: The country's diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply side issues such as G7 sanctions on Russia, Parliament was informed on Friday.</p><p>In a written reply to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal informed that diamond exports in 2023-24 dipped to USD 18.37 billion as against USD 25.48 billion in 2021-22.</p><p>Imports too declined to USD 23 billion in the last fiscal as compared to USD 28.86 billion in 2021-22.</p>.How Mukesh Ambani is taking on Amazon in India.<p>"Yes, the diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply side issues such as G7 Sanctions on Russian origin diamonds," Goyal said.</p>.<p>In a separate reply, the minister said the export of cut and polished diamonds is facing a slowdown due to low demand.</p><p>"Department of Commerce, in tandem with industry stakeholders including Gems and Jewellery Export Promotion Council (GJEPC), is undertaking initiatives focusing on new markets and new products, while sustaining existing major markets, to solidify India's position in the Gems and Jewellery sector," he added.</p><p>The Indian diamond industry consists of over 7,000 companies involved in various activities such as cutting, polishing, and exporting diamonds.</p><p>Most of these companies are concentrated in Surat, Gujarat, and Mumbai, Maharashtra. The majority of these firms are Small and Medium Enterprises, with many family-owned businesses dominating the sector.</p>.<p>The diamond industry in India provides direct employment to about 1.3 million workers, as per estimates.</p><p>Surat alone accounts for nearly 8,00,000 workers, making it the world's largest hub for diamond cutting and polishing.</p><p>The industry also supports millions of indirect jobs in related sectors such as logistics, transport, retail, and diamond tool manufacturing.</p>
<p>New Delhi: The country's diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply side issues such as G7 sanctions on Russia, Parliament was informed on Friday.</p><p>In a written reply to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal informed that diamond exports in 2023-24 dipped to USD 18.37 billion as against USD 25.48 billion in 2021-22.</p><p>Imports too declined to USD 23 billion in the last fiscal as compared to USD 28.86 billion in 2021-22.</p>.How Mukesh Ambani is taking on Amazon in India.<p>"Yes, the diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply side issues such as G7 Sanctions on Russian origin diamonds," Goyal said.</p>.<p>In a separate reply, the minister said the export of cut and polished diamonds is facing a slowdown due to low demand.</p><p>"Department of Commerce, in tandem with industry stakeholders including Gems and Jewellery Export Promotion Council (GJEPC), is undertaking initiatives focusing on new markets and new products, while sustaining existing major markets, to solidify India's position in the Gems and Jewellery sector," he added.</p><p>The Indian diamond industry consists of over 7,000 companies involved in various activities such as cutting, polishing, and exporting diamonds.</p><p>Most of these companies are concentrated in Surat, Gujarat, and Mumbai, Maharashtra. The majority of these firms are Small and Medium Enterprises, with many family-owned businesses dominating the sector.</p>.<p>The diamond industry in India provides direct employment to about 1.3 million workers, as per estimates.</p><p>Surat alone accounts for nearly 8,00,000 workers, making it the world's largest hub for diamond cutting and polishing.</p><p>The industry also supports millions of indirect jobs in related sectors such as logistics, transport, retail, and diamond tool manufacturing.</p>