The self imposed vacation in the diamond polishing units in Gujarat, India, could extend further, The Economic Times reported.

Chances seem bleak that the diamond industry in the state will start operating in full swing from December 8 - the day when the vacation is expected to end, the Indian newspaper said.

Of the total 10,000 diamond polishing units that operate in the state, many hit by the global slowdown had closed their shop before Diwali, while others were running in half of their capacities. Diamond workers employed in these units, most of whom are from Saurashtra, have been forced to take an extended vacation, said the report.

continue reading "Diamond Polishing Units in India May Extend Holiday"

South Africa hopes to phase in measures to convince miners to process more of their output locally to encourage growth of industry and skills in South Africa, the minister of minerals and energy said on Tuesday.

South Africa’s beneficiation policy already requires that 10 percent of diamonds be processed in-country, helping develop a downstream cutting and polishing industry employing more people.

Officials have said in the past that diamonds were a test case for other minerals such as steelmaking raw materials, including iron ore and chrome, as well as platinum group metals, base metals and uranium.

“The effort is two-pronged. We will continue to supply raw materials. But we also encourage companies to beneficiate in South Africa, through incentives,” Buyelwa Sonjica said at a conference in Beijing.

continue reading "South Africa to expand mineral processing: minister"

NEW DELHI: You must have already read the news item saying India’s textile sector is all set to cut production and lakhs of people will lose their jobs soon following the global market meltdown. If you want further proof for the impact of market crash across the globe, just ask Surat traders, who mostly do business in textiles and diamonds.

Surat and Bangalore are two worst-hit cities in India following the global meltdown. Textile sector in Surat has already decided to give a one-month holiday to labourers because of production cut. Surat’s diamond industry also has cut on output and you can see the lack of enthusiasm among traders and workers in Suart if you visit the city this month.

Several diamond polishing units have not opened shop after the Diwali break and textile sector is also witnessing a slump in the same manner. Surat’s diamond and textile units are totally depended on orders from US as these units export 80 per cent of their product to America. However, following recession in the US economy, orders are not coming from the US, leaving industries across the country in a soup.

continue reading "Indian industry in meltdown pot!"

Lay off may stretch 3 months.
The global economic slowdown has hit India’s diamond processing industry in a big way. An estimated 50,000 unskilled, semi-skilled or skilled labourers have been laid off so far this year in Surat, the country’s largest cutting and polishing centre for precious stones.

Most of them are daily wage workers and they have been asked to go on leave till their employers directed them to resume work. The leave of one month has been extended to three months at least. But, if the downturn continues the lay-off may stretch beyond the present three months.

In Mumbai too, the slowdown in demand from the US because of the economic crisis has resulted in over 10,000-12,000 job losses in the last one-and-a-half months.

continue reading "Slump takes sheen off diamond industry, 50k labourers laid off"