Question

Why does india import and export cashew nuts and precious diamond gems

Answer 1

India is the world’s leader in polished diamonds. While we use to be the sole producer of diamonds until a couple of centuries ago, now we don’t have much raw diamonds any more. Thus, we import them in bulk, polish them and sell them for nearly twice the price.

The world’s largest diamond bourse [sort of stock exchange] is in Mumbai - Bharath Diamond Bourse and a lot of the diamond work is made in Surat.

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