Angry Surat Diamond Traders Burn PM’s Effigy in Demonetization Protest

(IDEX Online) – Furious diamond traders at the Varachha Choksi Bazaar in the Indian diamond polishing center of Surat burnt an effigy of Prime Minister Narendra Modi in protest at the liquidity crisis and the shortage of new currency in banks almost two months after demonetization.

A large number of diamond traders shouted anti-Modi slogans, claiming that the government has dealt badly with the aftermath of demonetization and the effects it has had on the diamond business, particularly among small and medium-size diamond traders and manufacturers, The Times of India reported.

Diamond traders claim that transactions in rough and polished diamonds have almost come to a halt since the government announced on November 8 that Rs 500 and Rs 1,000 notes were to be withdrawn.

The government said the move was aimed at combating corruption and black market trading.

A diamond trader called Shailesh Mendpara was cited in the report as saying, "As per our routine, we come to the market in the morning and leave in the evening. There is no business to perform at all. We just sip tea and bhajias and return home. This has been going on for the last 55 days."

Another trader, Rajesh Gokania said, "Even if I have to purchase diamonds worth 10 lakh, where I am supposed to get the money from. Whatever, I had in old currency is deposited in the bank. When I go to the bank, they have set the limit of withdrawing Rs 24,000 per week."