Diamonds in the Rough: Unravelling A Multi-Billion Dollar Crisis

India's massive diamond industry is grappling with a prolonged crisis. Western sanctions on big miner Russia, inflation in the US and a downturn in China have hit the industry which cuts and polishes nine of ten diamonds in the world. Exports from the world's top diamond exporter are down; companies are cutting output, salaries and staff. In Surat, that controls 90% of India's diamond trade, the fates of thousands of workers hang in balance. Several have died by suicide. Team TMB travels to the heart of the diamond business and talks to merchants, brokers, workers, and a union leader to understand the issues that now face this centuries-old industry. Listen to this episode of The Morning Brief with host Anirban Chowdhury!   If you like this episode from Anirban Chowdhury, check out his other interesting episodes on Acing Space: After Chandrayaan 3, India Leaps for the Sun, Tesla's India Test Drive: The Facts vs Faff, Battle of the bikes: Harley Davidson vs Royal Enfield and more! You can follow Anirban Chowdhury on his social media: Twitter and Linkedin  Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Google Podcasts. See omnystudio.com/listener for privacy information.