During the 19th and early 20th centuries, the pearling industry thrived, providing both income and employment to the people of the Persian Gulf. The First World War had a severe impact on the industry, but it was the economic depression of the late 1920s and early 1930s, coupled with the invention of the cultured pearl, that wiped out the trade. The remnants of the trade eventually faded away shortly after the Second World War, when the newly independent Government of India imposed heavy taxation on pearls imported from the Arab states of the Persian Gulf. The decline of pearling resulted in extreme economic hardship in the Trucial States.