Poor global gold and diamond retail market are taking all glitters and shines away from the India's diamond-polishing industry. The industry is desperately looking for financial help from India Govt.
India's diamond polishing industry, majorly based in Surat, Gujarat, which discovers all the shines in the raw diamond, accounting to 55% of total world's diamond, finds its back against the wall. Exports has taken a dip plunged about 35% lower compared to the last year. Now the industry is facing huge surplus in its inventory, causing steep rise of interest and cost.
The diamond polishing industry has witnessed a lay off of 65,000 workers between August and October this year. Industry Insiders say another 65,000 jobs may come under the axe over the next two months. The industry is now eying for government aid to sustain sparkle from fading.
Apart from bail-out package, industry is looking for other potential markets anywhere in the world as its biggest consumer, US is worst-hit by recent economic meltdown.
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