World's biggest diamond hub suffers hit in Mumbai blasts

July 15, 2011 17:34

July 15 - One of this week's deadly Mumbai blasts scattered diamonds, possibly worth millions of dollars, onto the street but has not convinced traders to abandon their hub in the heart of the city for a purpose-built diamond bourse in the suburbs.

About 60 percent of the world's diamond processing passes through the Opera House area in south Mumbai, site of the most powerful of the three coordinated blasts, which killed 18 people and injured 133 others.

Generations of merchants, mostly from the Gujarati community that also dominates Mumbai stockbroking, have developed a unique culture of security over the years, using the area's dense crowds to their advantage.

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