Indian Diamond Sector Suffers Major Job Losses
2/23/2009 10:38:34 AM
Due to the global recession, all of the normally-exported Indian diamonds, gems, and diamond jewelry are experiencing much less consumer demand. Because of accumulated inventory, this has caused the loss of over 200,000 jobs in the Indian diamond and gem industry in only the last six months. Tens of thousands of jobs were lost in Surat alone, after the closing of diamond polishing units in Gujarat.
The fate of the diamond and gem industry in India caused a confrontation between Congress General Secretary and MP Rahul Gandhi and Gujarat Chief Minister Narenda Modi. Gandhi accused Modi of not dealing with the problems facing the diamond industry, particularly the massive loss of jobs. Modi then accused the Congress of withholding aid from the State Government. Recently, the Gems and Jewelry Export Promotion Council asked the central government for the equivalent of a bailout package.
Exports of gems and diamond jewellery have been declining steadily in the last quarter of 2008, and India, which is largely reliant on its diamond industry, is pointing fingers to figure out who is to blame.
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