Surat a key diamond hub is loosing Rs1.40 billion daily.
Due to floods in nearly 8,000 diamonds unit's production has stopped as mud has gathered into their workshops and into the safe deposit lockers.
The industry swears it would work extra hours to prevent any major disruption in exports to Europe and the US.
It was reported that cutting machines were still under water and the diamonds in the safe deposits afloat.
Surat shares 55 to 60 percent of India's total annual exports of US $12 billion of cut and polished diamonds and 28 percent of gems and jewelry business from the US.
This business employs over 700,000 workers and many migrant laborers have returned to their villages as they have lost their houses in the floods.
India's overseas sales of gems and jewelry represent the country's second-largest export industry, after computer software, the trade relies heavily on Surat for a major chunk of its diamonds.
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