Nikunj Tank, a worker in the world\u2019s diamond polishing capital Surat in western India, had been desperate since losing his job in May.<\/p>\n
The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed.<\/p>\n
Tank was the family\u2019s sole breadwinner – he was supporting his parents, wife and daughter and had no savings.<\/p>\n
\u2018\u2018He couldn\u2019t find a job and unable to bear the loss, he took the extreme step,\u201d said his retired father Jayanti Tank.<\/p>\n
Tank died by suicide in August.<\/p>\n
The last few years have been tough for India\u2019s recession-hit diamond industry. Surat, in Gujarat state, processes 90% of the world\u2019s diamonds in over 5,000 units and employs more than 800,000 polishers. The city has 15 big polishing units with an annual turnover of more than $100m (\u00a375m).<\/p>\n
India\u2019s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024.<\/p>\n
The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts. Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses.<\/p>\n
The state\u2019s Diamond Workers\u2019 Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn.<\/p>\n
The union says<\/a> that as per their data collected from victims\u2019 families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown. The BBC could not independently verify this figure.<\/p>\n Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India\u2019s diamond industry.<\/p>\n \u201cThe business of polished diamonds has gone down by more than 25-30% due to global recession,\u201d said Vallabh Lakhani, chairman of Kiran Gems, a leading manufacturer.<\/p>\n India imports 30% of its rough diamonds from Russian mines \u2013 now under Western sanctions due to the war \u2013 and cuts and polishes them, then sells them mostly in Western markets.<\/p>\n In March, the European Union and G7 countries imposed a fresh ban<\/a> on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries.<\/p>\n