DIAMOND MARKET GLITTERS AGAIN
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Lay-offs backfire, dearth of workers in diamond market
Published on Sat, May 23, 2009 at 15:42 in Business section
Tags: Surat Diamonds, Diamond Market , Surat
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Surat: The diamond industry in Surat has bounced back but traders face a peculiar problem. They are now short staffed because of all the workers they laid off a few months ago.
The election was marked by blame game over the downturn in Surat's diamond industry. But the reality now is quite different. Diamond trader Prakash Badmecha is faced with a peculiar problem. Ten months ago, he was forced to lay off workers, due to dropping demand, but now orders are pouring in, and Prakash is finding it difficult to find workers.
"This crisis is different. There is a lot of work, but shortage of workers. We are willing to pay more to hire them," said the diamond industrialist.
Surat's diamond polishing units wore a deserted look just a few months back. Now, at least 30 per cent of them have started functioning again. But a sizable chunk of the four lakh workers who were laid off earlier, have not returned, as they have found jobs elsewhere.
"We are making all attempts to bring back workers from their native places," said diamond unit owner, Harsh Sanghvi.
What has led to this turn around in fortunes is with most polished diamond stocks exhausted, there is now demand for more. Industrialists are buying rough diamonds as prices have bottomed out. And the recovery of the stock markets, has helped increase cash flow.
"The local situation has improved considerably and the demand too has increased. People can now say 'Diamonds are Forever'," said regional chairman, GJEPC, Chandrakant Sanghvi, .
With the diamond industry showing signs of glitter again, Surat once again has a chance to get back on the diamond industry's map. But only if its lifeblood - the workers, return home to their highly skilled jobs.
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