Video of Surat residents searching streets for diamond goes viral; here’s what happened

Additionally, the claims that diamond traders were resorting to discarding their stocks due to financial hardship were debunked as fake news.

Surat's diamond market, home to half a million diamond workers, plays a pivotal role in supplying up to 90 percent of the world's cut and polished diamonds, used both in jewellery and as loose stones. Recent Western sanctions on Russian miner Alrosa, a significant source of rough diamonds for Surat, coupled with a decreased demand for polished diamonds in the international market, have impacted Surat’s diamond industry. The video footage from Varachha, Surat, was shared widely in this context.

Alpesh Gabani, the Police Inspector at Varachha Police Station, confirmed the incident to BOOM. He said, “Somebody dropped a bag of American diamonds on the street, following which the rumours started circulating. After this, people began looking for the diamonds on the street.” Additionally, Gabani reaffirmed that this incident was unrelated to the difficulties the diamond market was experiencing.