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Surat, India is famous for its diamond industry

Surat is famous for its diamond industry and textile industry, along with silk and chemicals. It is at the heart of India's thriving diamond-polishing industry, which in 2005 cut 92% of the world's diamond pieces and earned India $15 billion in exports. Gujarati diamond cutters emigrating from East Africa established the industry in 1901 and by the 1970s Surat-based diamond cutters began exporting stones to the US for the first time. Though much of the polishing work takes place on small weight stones, Surat's workshops have set their eyes on the lucrative market for finishing larger, pricier stones in the future. It is a major production centre for synthetic textiles in India.

The November 18, 2008 issue of the Wall Street Journal has an article about the diamond industry in Surat. It claims that 80% of the world's finished diamonds are cut and polished in this city. However the wages of the industry's workers remained flat for years and 250,000 workers, or one-third of the city's diamond industry workforce, has left between 2005–2008, leaving about 500,000. Only after a July 2008 strike did the workers obtain a 20% salary raise, their first in a decade.

Recently the diamond industry has been struck very hard due to the slowdown in the US economy. The exports have fallen sharply and it has affected the entire diamond industry of Surat. Many of the thousands of diamond units in the city have been shut down due to negligible exports. Experts say that this is a black sign for Surat's economy if the slowdown in European and US economy continues. Over 200,000 workers have already been laid off from jobs in the diamond sector.

Surat's economy is under danger due to the global economy slowdown. Around 1,500,000 people are involved in the diamond and textile industry of Surat and over 2 million people would be affected indirectly if the global economy slowdown continues.

http://en.wikipedia.org/wiki/Surat