00:00The $80 billion century-old diamond trade is under unprecedented pressure. Natural diamond
00:06prices are in freefall and demand is fracturing across four continents. What began as a pandemic
00:13slowdown has spiraled into one of the industry's worst downturns in decades. China's luxury slump,
00:20sanctions on Russian supplies and the rapid rise of lab-grown diamonds have shaken its foundations.
00:27Washington's 50% tariffs on Indian goods last August dealt another blow. At the center is
00:33Debiers, which is losing more than a million dollars every day. Its parent, Anglo-American,
00:39is preparing to sell. The old system of secretive, tightly controlled sales are giving away to more
00:45flexible ad hoc side deals. In the Indian city of Surat, where 90% of the world's diamonds are cut
00:52and polished, factories have been shut. More than 200,000 workers have been sent home.
00:58Those who remain earn roughly half of what they used to. Even the vast surat diamond bores is largely
01:05empty. The fallout stretches beyond India. Botswana built its economy on diamonds,
01:11becoming one of Africa's richest nations. Now, mineral revenue has plunged and the country faces
01:17a shortage of funds for medicine. The latest U.S.-India trade deal that potentially lowers tariffs
01:23was supposed to rekindle hope. But traders say the damage is done. For now, there is no clear sign of
01:29recovery.
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