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<ul><li>One in every five diamond worker in <keyword id="6359081" type="LOCATION" weightage="20" keywordseo="Surat">Surat</keyword> may lose his job because of weak market trends. </li><li>The <keyword id="6358907" type="UNKNOWN" weightage="20" keywordseo="unemployment">unemployment</keyword> issue arises due to the <keyword id="906426" type="PERSON" weightage="20" keywordseo="import-duty-hike">import duty hike</keyword> by the central government to narrow current deficit account. </li><li>The industry was already struggling with low global demands and Asian currency fluctuations lately. </li></ul>The recent move by the central government to hike import duty on 19 non-essential goods to boost ‘Make in India’ is adversely affecting the world’s largest diamond processing centre in Surat - which <a href="https://www.giaindia.in/take-your-rightful-place-in-surats-sparkling-diamond-industry/">exports 95% diamonds </a>globally. One in every five diamond workers may lose his job in the coming six months. Following the increase in import duty, the Indian <keyword id="48154" type="PERSON" weightage="20" keywordseo="Diamond-industry">diamond industry</keyword> lost its dominance over the global market. The global business traders are now looking at China and Thailand to cater to their demand. The unemployment challenge comes in with a weak demand for diamonds in the global market due to the US-China trade war. Surat’s diamond industry - which employs over 4.5 lac workers is likely to lose around 1 lac job in the next two quarters. In order to absorb the widening <keyword id="183320" type="ORGANIZATION" weightage="20" keywordseo="current-account-deficit">current account deficit</keyword> and deal with currency devaluation, the Indian government raised the import duty levied on cut and polished diamonds from 5% to 7.5%. The import duty hike has just added more misery to the diamond industry which was suffering from slow overseas demand, liquidity crisis and weak trends of Asian currency. Import of cut and polished diamonds have <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/free-cars-versus-job-losses-irony-is-sharper-than-a-diamond-in-surat/articleshow/66379672.cms">plummeted</a> to ₹5,289.35 crore in FY 2018 which is 32% less in than the previous year. The industry was also negatively impacted by the Nirav Modi scam and that has made it difficult for the industry to balance liquidity. The companies do not have <a href="https://www.timesnownews.com/business-economy/industry/article/at-least-1-lakh-diamond-industry-workers-may-lose-jobs-in-next-6-months-report/304945">sufficient funds</a> to ensure their sustainability either. This is not the first time that a decision made by the Modi-government has had an adverse impact on the diamond industry. Earlier, the industry was struggling because of the ban levied on the use of 500 and 1,000 currency notes in India. Surprisingly, despite India marking its presence among the top 100 economies when it comes to ease of doing business, the traders working at Surat’s diamond manufacturing unit have not been having the best of runs.

World’s largest diamond industry faces unemployment issue post import duty hike in India

New Delhi, Jan 17 () Assets worth about Rs 10 crore of a Mumbai-based businessman have been attached in connection with the multi-crore hawala and money laundering case of Surat in Gujarat, the ED said on Friday.
 It said a housing complex named 'Rasool Manzil' and land, two flats (each measuring 480 sq feets) in Maharashtra's capital city and a plot of land located in Godsai village in Raigad district of businessman Abdul Karim Jaka have been provisionally attached under the Prevention of Money Laundering Act (PMLA).
 The total value of the attached properties is Rs 9.50 crore.
 The case pertains to over Rs 5,395 crore hawala funds being sent as alleged illegal outward remittances on the basis of import documents or fake bills of entry through an ICICI Bank branch in Surat.
 The Enforcement Directorate (ED) had filed a criminal complaint under PMLA after studying a 2014 FIR of Surat Police crime branch.
 The central agency, in March 2014, had busted a multi-crore hawala racket after searches at offices of some diamond traders in Surat, including Afroz Fatta and Madanlal Jain.
It was alleged that instead of importing diamonds, the duo made bogus import bills, claiming that they have purchased the diamonds from foreign traders.
Using these bills, it was alleged, that the duo used to transfer money through their bank accounts. Thus, money went outside without a single diamond being imported in India, the agency had found.
 Fatta, Jain and a firm called R A Distributors along with others are accused in the case that is being probed under the anti-money laundering law by the ED.
 Probe found that nine companies having accounts in ICICI Bank, Surat, had remitted huge amounts of money on the basis of forged bills of entry to three companies in UAE and 15 companies in Hong Kong.
 "The main source of credits in these accounts are from entities like Vandana and Co, Natural Trading Co, Maruti Trading among others," the ED said in a statement. 
 Afroz Fatta, Madanlal Jain, Bilal Haroon Gilani, Jayesh Desai and Rakesh Kothari were involved in creating these "shell companies" using dummy persons as directors or partners, it said.
 It said the main accused Fatta had "routed illegally earned commission in fraudulent transactions of foreign remittances in the guise of imports to the bank accounts of Jaka, a Mumbai-based businessman dealing in real estate and ship-breaking business, to the tune of Rs 9.5 crore who in turn placed the same in his group companies."
 Fatta, Jain and others were arrested by the ED and it has also filed five chargesheets in this case in the past.
 Probe in the case in ongoing, it said. NES RCJ
RCJ

ED attaches Rs 10-cr assets in Surat hawala scam case

Now here’s the most incredible Make in India story you will ever hear. Around nine out of every 10 <keyword id="10052" type="ORGANIZATION" weightage="20" keywordseo="Diamond">diamond</keyword>s are cut and polished in India. The Indian diamond industry’s midstream sector employs more people than the diamond sector in any other country around the globe, with about 800,000 people employed in highly skilled diamond roles in the country. The Indian diamond industry’s midstream sector is also a key source of export earnings for the national economy, with cut and polished diamond exports representing around $20 billion in value (c.7% of total exports) in 2014. 
 
The highly dynamic consumer market has grown rapidly over the last two decades, fuelled by a fast expanding economy, a widening consumer base and a culture where precious jewellery plays an intrinsic role in social occasions and family traditions. The much talked about middle class is growing rapidly, and the purchasing power of the highest income households is expected to rise at the fastest pace. Diamond jewellery is an ‘aspirational’ product in India and is more desired than other luxury categories. Brands, which already play a key role in the Indian consumer market, are expected to gain further prominence for consumers in the years ahead. 
 
The growth story deconstructed 
India’s domestic diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for diamond jewellery expanding in 19 of the last 20 years in rupee terms. 
 
In the last decade alone, the market has nearly trebled in size to about INR22,000 crore (INR220 billion)The brief contraction in 2013, caused by the depreciating purchasing power of the rupee and a weakening of the broader Indian economy, reversed in 2014. 
 
US funding serves as a major boost The International Institute of Diamond Grading &amp; Research (<keyword id="2535196" type="UNKNOWN" weightage="20" keywordseo="IIDGR">IIDGR</keyword>), part of The <keyword id="3948617" type="UNKNOWN" weightage="20" keywordseo="de-beers-group-of-companies">De Beers Group of Companies</keyword>, has invested USD 15 million in diamond grading sector. Group’s initial investment of US$10 million last year to establish the facility, which has the capacity to process over US$500 million of diamonds every year comes as major inspiration. 
 
The enhanced facility represents a world-leading resource for India’s diamond cutting and polishing sector, providing polished diamond grading services, diamond verification services, as well as melee (small diamond) testing and screening. 
 
Diamond educational hub <keyword id="138872" type="COMPANY" weightage="20" keywordseo="De-Beers">De Beers</keyword> Group has also announced that, via the IIDGR, it will launch its first ever education service to cover the entire diamond pipeline and support further growth in the Indian sector. The service, scheduled to launch in the second quarter of 2017, will be run out of Surat and comprise courses that cover essential subjects for India’s diamond sector, including polished diamond grading, diamond foundation and synthetics. 
 
Evolution happened each year When <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> asked <keyword id="2534994" type="UNKNOWN" weightage="20" keywordseo="Jonathan-Kendall">Jonathan Kendall</keyword>, President, IIDGR to speak on the evolution, his answer was interesting. “If you had asked these 15 years back, my answer would have been completely different.” 
 
He believes, the skilled craftsmanship and good knowledge about the art of diamond polishing have helped Surat to maintain its signature till date.

Diamond polishing of Gujarat is a thrilling #MakeinIndia
story. Here’s how the evolution of diamond industry happened

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World’s largest diamond industry faces unemployment issue post import duty hike in India

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ED attaches Rs 10-cr assets in Surat hawala scam case

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Diamond polishing of Gujarat is a thrilling #MakeinIndia story. Here’s how the evolution of diamond industry happened

Suchayan Mandal

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