ibnlive » India

Jul 29, 2008 at 05:09pm IST

Business of terror hits Surat's diamond economy

Surat: The diamond and textile industries in Surat are the worst hit by the terror threat. The textile industry has decided to shut shop by 7 pm everyday as against the earlier 10 pm deadline.

This could lead to losses up to 30 per cent and the diamond business community has decided to go for a bandh which could lead to losses worth Rs 200 crore.

“Surat Diamond Association has decided to shut down the market for a day. We are also thinking of installing CCTVs,” says President of Surat Diamond Association, C P Wanani.

But it was business as usual for diamond processing units in Rakiyal and Bapunagar in eastern Ahmedabad, which were some of the targets of Saturday's bomb blasts.

“People have got back to their normal lives,” says MD, Gitanjali Group, Mehul Choksey.

However, things are difficult for the hospitality industry in Ahmedabad. In the last two days , hoteliers have seen up to 60 per cent cancellation and the restaurant business has been affected by up to 80 per cent. The industry however hopes to catch up in the coming days

The overwhelming feeling here is that the terror blast cannot dent the entrepreneurial spirit of Gujarat.

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