Doyens to discuss diamond industry crisis

Surat: Doyens in the world’s largest diamond cutting and polishing centre in Surat will hold a discussion with industry stakeholders on the ‘current situation in the diamond industry’.
The meeting is being organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI) here on Friday.
SGCCI office-bearers said the doyens will address the stakeholders regarding the present situation in the industry and provide key suggestions to tide over the ongoing crisis.
The Indian diamond industry has been reeling under severe recession for the last one year due to poor demand of polished diamonds and jewellery in international market, rising rough diamond prices and banks squeezing credit of big and medium diamond companies after multi-crore bank loan scams involving Nirav Modi and Mehul Choksi.
Venus Jewels chairman Sevantibhai Shah and Shri Ramkrishan Export chairman Govind Dholakia will suggest important tips on how to tackle the crisis.
SGCCI president Ketan Desai told TOI, “The industry is passing through a tough phase like the one witnessed during global economic downturn in 2009. Over 30% of diamond units are yet to reopen after summer vacation and many workers have been laid off by companies here. The industry leaders will discuss the way forward and that the SGCCI will be compiling a detailed report on the discussion to be presented to the ministries concerned of state and central governments.”
Surat Diamond Association president Babu Gujarati said, “The health of diamond industry is not well at all. We all are concerned about the immediate future of the industry. Despite poor demand, diamantaires are running their factories to protect the workers. We are looking forward to assistance from the central and state governments.”