Diamond Industry in Gujarat witnesses 15% Job Loss

Diamond Industry in Gujarat witnesses 15% Job Loss

There had been around 15 percent job loss in the diamond cutting and polishing industry in Prime Minister Narendra Modi’s home state Gujarat over the first four months of this fiscal year. According to an ET report, the job loss is due to a slowdown in demand for diamonds in China and West Asia.

The report further mentions that the prices of polished diamonds have dropped by 6-10 percent in the past four months due to weak demand and the industry does not foresee the demand to pick up anytime soon. Reportedly, India is the world’s largest cutting and polishing center of rough diamonds, processing as many as 14 out of every 15 rough diamonds in the world.

Slow down has hit all the major industries in India, and as a result of which massive job cuts are taking place across sectors.

 

pic credits: Naom Carver (Instagram)