Jains from the small Gujarati town of Palanpur now dominate the worldwide diamond wholesaling business, taking in 65% of the revenues of the diamond capital in Belgium:
In what was once a predominantly Jewish neighborhood near Antwerp’s central station, young Indians in Armani suits haggle with Hasidic diamond buyers in long black coats, side curls and skullcaps. Hoveniersstraat, a street once celebrated for its kosher restaurants, now offers the best curry in town.
Eighty percent of diamonds worldwide now pass through Indian hands:
Indians like Mr. Shah gained a commercial edge over the Jews by sending their rough diamonds for finishing work to family-owned factories in Bombay and the northern Indian state of Gujarat, where labor costs are as much as 80% lower than in Antwerp… The Indians also proved canny at polishing and cutting the lower-quality rough diamonds that Jewish traders typically overlooked… “We turned cotton into silk…”
India now employs nearly a million diamond polishers. Meanwhile, Jewish diamantaires had some culturally-specific business issues:
Indians… aren’t required by their religion to close their businesses from sundown Friday to sundown Saturday… Many [Jews] were Holocaust survivors afraid to part with their assets or send very expensive valuables far away… (WSJ)
