Surat floods could cut Indian exports by $1 billion.(FACETS)

India, the world's largest diamond manufacturing center, could see a $1 billion fall in its diamond exports this year due to extensive flooding in Surat, the country's main polishing center. The floods, which forced many people to take shelter on roofs, forced diamond, jewelry and other businesses to close down for at least two weeks during August. Around 75 percent of India's cut and polished diamonds are processed in Surat.

Diamonds and jewelry exports, which last year were worth close to $17 billion, play a vital role in the Indian economy, accounting for around 20