Absolutely hopeless.” Seated in his sun-lit, spacious office on the top floor of an unassuming multi-storeyed building in Surat’s former textile hub of Kapodara — the name derived from the Surti word for cloth, kapad — Shailesh Zadafiya doesn’t mince words when asked how 2015 has been for the diamond industry. From a country that neither mines nor consumes the stone in a big way, Surat supplies nine out of 10 polished diamonds worldwide. But this Rs.90,000-crore pure processing industry has lost a little bit of its sparkle in the last year-and-a-half, with exports dipping by 14% Y-o-Y to $10 billion between April and September 2015. Apart from several interrelated global factors, manufacturers here blame irrational local exuberance and financial impropriety for the current mess.
State Of The Economy 2016
Roughing it out
Surat's diamond units are recovering from the industry's worst slump in four decades
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