Surat Diamond Association votes against shutdown as global diamond bourses cease operations

By

Isabelle Crossley

Published
Mar 18, 2020

The Surat Diamond Association decided to keep the Surat diamond industry running at a vote with industry stakeholders on March 17, favouring safety measures over a lockdown. 

 
On Tuesday, the SDA, Gem and Jewellery Export Promotion Council, and other diamond industry stakeholders met to decide whether or not to shut the Surat Diamond Bourse amid coronavirus concern, TNN reported.

The delegation decided that the diamond markets in Varachha and Mahidhapura will operate henceforth from 11 am to 6 pm and diamond merchants should only visit the markets if they have specific trading activity planned. 

Although diamond bourses in other countries including Belgium shut down on Monday, the SDA believes that shutting down operations would harm its traders too greatly to consider the move. The spread of coronavirus has already affected the diamond industry and international trade.
 
“The industry employs about 5.5 lakh diamond workers and that the closure would mean rendering them jobless for 15 days,” the GJEPC’s regional chairman Dinesh Navadia told the Times of India.

“At present, the industry is operating at less than 40% capacity due to the major decline in export orders following coronavirus outbreak. Still, the unit owners are running their factories to keep their workers employed.”
 
“SDA will be running awareness campaign in the industry on the health safety measures to deal with coronavirus outbreak,” said SDA president, Babu Kathiriya.

“Pamphlets will be distributed in the diamond hub for creating awareness. We are in constant touch with the State Government and the local civic body.”