He had been employed by the same unit for seven years, but it collapsed due to financial difficulties, leaving him and more than a dozen other people without jobs.
Tank was the only provider for the family, taking care of his wife, daughter, and parents. He had no money.
His retired father Jayanti Tank said, “He took the extreme step because he couldn’t find a job and couldn’t bear the loss.”
Tank took his own life in August.
The diamond sector in recession-hit India has had a difficult few years. 90% of the world’s diamonds are processed in Surat, Gujarat state, in more than 5,000 units, and the city employs more than 800,000 polishers.
Fifteen large polishing facilities in the city have a yearly turnover over $100 million (£75 million).
India’s cut and polished stone exports are predicted to decline even further, to $12 billion in 2024, from $23 billion in 2022 to $16 billion in 2023.
The Indian diamond sector is undergoing a change.
Indebted An Indian laborer unearths a $95,000 diamond.
Analysts predict that decreasing demand and excess will cause the price of polished diamonds to drop by 5% to 27% in 2023. According to Mahesh Virani of Star Gems, the reason for the excess was that polishing units had to keep producing despite low demand in order to maintain business operations, which increased their losses.
