ANNOUNCEMENTS
The diamond industry in Surat, India, stands as a beacon of economic significance, processing a substantial global share of rough diamonds and contributing significantly to the country's exports and local employment. Despite its economic prowess, there exists a gap in understanding the local implications of this industry on wages and property values. This study delves into the intricate relationship between Surat's diamond industry, local wages, and property values, considering economic and statistical aspects. Various scholars have addressed the occupational hazards and risks, socio-economic conditions of the workers within the industry. The results point to one conclusion, that the workers within the industries are exposed to myriad of challenges and risk, jeopardising their well-being. Furthermore, the literature also reveals the presence of relationship between urban growth, hosing markets, and employment, and the significance of balanced growth to prevent housing crises and promote socio-economic equality among workers.
The study aims to seal the gap that exists in the literature. The lack of studies contributing to the understanding of various factors on location-based markets, primarily local wages and local property values, has formed the basis for the study. The study takes into account job characteristics, housing characteristics, and amenities combined with location dummies to conduct a hedonic analysis to infer the impact on wages and property values within Surat. By examining the multifaceted nature of the diamond industry's impact on Surat's economy, this study aims to offer nuanced insights that could inform labour policies, urban planning strategies, and health and environmental regulations. Ultimately, it seeks to contribute to fostering sustainable development, ensuring worker well-being, and promoting economic stability within Surat's diamond industry.
