Amid recession in diamond market, Gujarat govt provides relief to artisans with loans up to ₹5 lakh

Amid the ongoing global slowdown in the diamond industry, Gujarat’s diamond sector is facing significant challenges. Cities like Surat and Ahmedabad have seen many diamond units shutting down, leaving numerous diamond artisans unemployed. 

In response, the Gujarat government has announced a relief package aimed at supporting these artisans and diamond industry units.

Key highlights of the relief package:

Diamond industry units will be eligible for loans up to ₹5 lakh, with interest subsidy for three years.

 A one-year exemption from electricity duty has also been approved for these units.

To ensure the children of affected diamond artisans don’t miss out on education, the government will cover school fees up to ₹13,500 for one year. The fee will be paid directly to schools via Direct Benefit Transfer (DBT) as per the education department’s procedure.

Eligibility criteria for assistance:

Artisans who lost their jobs after March 31, 2024.

Must be 21 years or older.

Should have worked in the diamond industry for at least three years.

Must currently be unemployed in the diamond sector.

For the term loan, interest assistance will be provided at a 9% rate for up to three years on loans up to ₹5 lakh.

Application process:

Applicants will need to provide relevant documents and apply through designated officials such as the District Labour Officer, District Employment Officer, District Education Officer, District Primary Education Officer, Lead Bank Officers, and representatives from the Diamond Association.