Diamond industry lays off 100,000 workers

The ongoing recession has taken the shine off the Surat diamond industry. Around 100,000 diamond cutting and polishing workers have so far been laid off in the wake of the global turmoil hitting the diamond industry hard.

"The Rs 50,000 crore diamond industry in Surat is facing severe financial crunch and it has laid off 100,000 workers for the first time in the past 40 years," MD of Gitanjali Group Mehul Choksi said while speaking at the 'Sparkle International Gems and Jewellery' convention held today at Surat.

Nearly 13 lakh workers and their famalies are dependent on diamond, gems and jewellery industry in Surat, added Choksi, who is also the chairman of Federation of Indian Chamber of Commerce and Industry's (FICCI) Gems and Jewellery Committee.

"Diamond cutting and polishing units owners and workers should work together at a time of global recession. The industry players should not leave the gems and jewellery workers in limbo when the enitre industry is passing through a tough phase," Gujarat chief minister Narendra Modi said while inaugrating the the three-day conference-cut-exhibition at Surat.