India’s diamond sector is hurting from Defaults and lay-offs

The diamond sector in Surat is experiencing rising losses and payment defaults.

This is causing uncertainty for workers in India’s diamond capital.

It is estimate 70 to 80 percent of workers are affected by retrenchment, pay cuts and reduced working hours.

To address this crisis the diamond producers are considering holding the import of rough diamonds for a month or two, Diamond producers and dealers would hold a vote on the matter in Surat.

Global demand for both rough and polished diamonds has taken a severe down turn, with prices of rough diamonds falling up to nine percent in a year.

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