Tuesday, June 16, 2009

Indian Diamond Industry: Dim Prospect in Global Recession

As far as I know, there is no diamond mine in India but the country is one of the top places when it comes to diamond polishing and cutting. In fact, it is a very important source of export for the country. Diamond merchants in Surat of Gujarat state, are mainly engaged in this trade. They export the polished and finished product to USA and some European countries. Now, as a result of the on going global economic recession, their business is suffering. Because of falling demand in the west, the exporters in India are now waiting to embrace the worst nightmare. The workers are suffering even more as nearly 200,000 have lost their jobs.

I am mainly worried about the workers. They have no other skill except cutting and polishing diamonds. SO, it will be difficult to find jobs in other fields as they do not possess skills in other fields. It is a billion dollar export sector for India and Indian economy will surely suffer this year from the lack of demand in the west. Well, Christmas is over and there are nearly 6-7 months for the holiday shopping season. The only thing that the workers and traders can hope at this moment is that the world economy gets better from the outcome of G20 Summit 2009. Well, the workers can do nothing except hoping for the best.

(This entry was originally published in April 2009 and it based on the context on that time.)

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