We have all heard that the diamond is a woman’s best friend. The shiny rock has been providing income for many families and it has been a profitable industry for a long time. However, even the diamond industry is not economy proof. India has been one of the world’s biggest exporters of diamonds for many years. The country makes over four billion dollars from diamond exports each year. This year however, instead of an increase in profit from the diamond industry, India sees an increase in suicides because the industry is not doing well thanks to the global recession that has been the reason for many to lose their jobs. As of December 30th, there have been nine reported suicides of depressed diamond workers in the past 15 days in India. The situation has become so grave that NGO’s that have been previously working with HIV/AIDS affected people, have now started to counsel diamond workers on livelihood.
The Indian government is not oblivious to the harmful effect the problems in the diamond industry can have. Therefore, it has proposed a package to revive the jewelry sector. The document proposes an extension of financial assistance to gems and jewelry units that maintain safety equipment. Furthermore, the proposal includes an offer of financial assistance for setting up hallmark certification and gem testing centers.
The global economy slump has reached yet another industry, leaving people not only unemployed but also pushing them towards suicide. India is taking measures to aid their diamond industry; however for how long can governments keep on extending financial aid to industries that are facing serious financial problems?