Tuesday, December 9, 2008

Impact of slowdown on Diamond industry

The global economic slowdown has hit India's diamond processing industry badly. An estimated 50,000 unskilled, semi-skilled or skilled laborers have been laid off so far this year in Surat, the country's largest cutting and polishing center for precious stones. Also In Mumbai, the slowdown in demand from the US because of the economic crisis has resulted in over 10,000-12,000 job losses in the last one-and-a-half months.

In surat diamond units are starting slowly from 8 December, still all are not starting, most of units are waiting up to clearing stock of polish diamond before starting new production.

New orders for Christmas, which usually starts coming around the first week of November, have dried up this year. Instead, India's exporters to the US have started recalling unsold inventories to test the domestic market.
hopping to come out from recession as soon as possible.

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