Indian Diamond Industry Lays 0ff 50% of its Workers
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30.03.09, 10:15
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World
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The Hindustan Times reports that India's diamond industry has laid off 50% of its labor force due to the sluggish world demand for diamonds.
Previously, 8 out of 10 of the world's diamonds were processed in the Indian diamond cutting and trading city of Surat. The world recession has forced layoffs of nearly half of Surat’s diamond cutters and polishers.
About 500,000 workers have been laid off and half of the 5,000 diamond processing units have been shut down.
Rohit Mehta of the Surat Diamond Association stated that "another 50,000 skilled diamond cutters are expected to be laid off if we find no new markets to sell our diamonds."
The Surat Diamond Workers' Association, which claims 100,000 members, has appealed to the government for assistance.
Although Indian general elections are to take place shortly, politicians come to meet with diamond industry leaders but no one has made actual promises regarding employment and money.
A disgruntled unemployed diamond cutter was quoted as saying: "The diamond merchants never gave us a fixed salary, job security or insurance. In good times they paid us and now in tough times they're throwing us out."
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By: Rachel Lieberman, Israel Diamond Industry Portal
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