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India’s diamond SMEs cut manpower, slash working hours

09 september 2019

india_flag.pngDiamond SMEs in Surat especially are in dire straits due to the 30 per cent decrease in demand for polished diamonds, despite the upcoming festive season. Many smaller diamond units are forced to cut down manpower as well as slash working hours.
One of the largest company in India, Hari Krishna Exports will be struggling to break-even this Diwali. While interacting with media persons on the sidelines of the CII-Young Indians seminar organised at Ahmedabad Management Association (AMA), Ghanshyam Dholakia, MD, Harikrishna Diamonds is reported to have said: “There is a slowdown in the diamond industry. The demand is down by 25-30 per cent. The US and China are the biggest markets for diamonds polished in our country. Due to the trade war between the two, there is a lot of uncertainty regarding duty structures. This is resulting in less demand. The diamond units have reduced their production.” 
He was speaking at a seminar on ‘Romancing with risk’ where speakers shared secrets of success during an economic slowdown. According to him, the slowdown has been severe for the last seven-eight months where diamond units in Surat have slashed working hours and even laid-off employees.
“While the bigger companies like us have not reduced their workforce, smaller players have cut down on manpower by 10-20 per cent. Many of them, instead of cutting their workforce, have reduced their work-hours to six hours from nine. Apart from Sunday, some diamond units have even started giving holidays on Saturday as well,” added Ghanshyam Dholakia.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished