(IDEX Online) - More than 40 per cent of the estimated 1,500 diamond factories in Botad, India, have shut down because of the slump in global demand.And another 20 per cent are expected to follow suit when the Navratri festival (15 to 24 October) ends, according to the Botad Diamond Association.Around 70,000 people in Botad and its surrounding villages work as diamond cutters and polishers.It is far smaller than Surat, which has an estimated 600,000 diamond workers, but is still a significant player in the industry."Over 40 per cent of the small and medium factories have shut down in the last couple of months," Shanker Dholu, president of the Botad Diamond Association, told The Indian Express."After the Navratri festival, 20 per cent more factories will be closed due to poor demand for polished diamonds."File pic of diamond polishing.