India | Posted on Aug 02, 2008 at 10:27pm IST

Diamond city Surat hit by losses post terror

Raksha ShettyRaksha Shetty, CNN-IBN

Surat: The diamond bazaars of Surat are usually bursting at the brim for most part of the working week. But this week, it's been dramatically different with downed shutters and deserted streets for three whole days - a rare case especially in Varachha, the densely populated diamond area where the most number of live bombs were planted.

But you can't keep a diamond trader away from his diamonds for too long. The bazaars are now limping back to normalcy, but if the marketplace grapevine is abuzz with disappointment at the total lack of police checking in this soft target of an area. There is also a hint of fear.

Diamond traders are ruing the economic loss they have all suffered, but say that they are ready to keep themselves secure, more than the police.

The Rs 80,000 crore diamond industry suffered an estimated total los of Rs 500 crore after a three day shutdown this week. But the long-term effects, industrialists say, are much worse and already evident.

Buyers in the diamond and textile industry are now refusing to come into the city, even as both industries begin their peak season.

Joint Secretary Gujarat Hira Bourse, Pravin Nanavati says, "Buyers for both industries don't want to come for while till the tension dies down.".

With police admitting it is understaffed to man the city's 40-lakh population, the element of fear and uncertainty may continue to cloud Surat's industries for some time to come.

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