Home / Knowledge / News / Fashion / Surat diamond cluster in rough terrain
Surat diamond cluster in rough terrain
20
Nov '08
Diamond industry has also not spared by the global recession. Reportedly, demand for polished diamonds has plunged drastically and the Surat's polishing units are struggling to survive.

Surat is the diamond polishing hub of India and is known to supply 60 percent of polished diamonds to the US annually. Now, however, the industry seems to have lost its shine.

Experts say that diamond polishing industry of Surat is going through a real bad phase. With lack of liquidity and weak demand, many units are on the verge of closure. Statistics show that around 2,000 smaller diamond units have already shut down. It seems that 250 of them stopped operating in the past six months only.

Insiders inform that the last two quarters of any given year are usually the busiest for Surat's diamond polishing cluster. With festive and holiday seasons across the globe in December, units have no space to breath. The industry marks highest demand for diamonds during pre-Diwali months, thanks to Christmas. Units had to work overtime to complete orders.

However, this year, there is a sluggish atmosphere and employees are not getting enough work to put in the fixed working hours.Recognizing this, the industry has decided to operate five days a week till January-end to avoid any layoffs in the larger interests of 700,000 workers and their families.


Must ReadView All

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search