HOME > BUSINESS > Diamond industry decides against stopping work for now

Diamond industry decides against stopping work for now

DIAMONDDiamond industry associations jointly decided not to suspend imports of rough diamonds right now, and to deal with the issues facing the industry through further consultations.

The industry considered clamping down on imports, but decided against it as “as the workforce in factories will be the first priority for the trade.”

At present, the Indian diamond polishing industry is facing a major challenge due to low demand and stock hangover of polished inventory and increasing rough diamond prices.

The industry has been trying to bring “discipline” in the purchase of rough diamonds so that prices do not skyrocket out of their range. It is also facing the problem of the mixing of synthetic or lab-grown diamonds with the natural stuff.

To make matters worse, recent bankruptcies in the industry have pushed up cost of capital, especially bank finance.

“The Traders reviewed the market situation and have unanimously decided to defer the option of voluntary Closure or Embargo on Rough Import, like in November 2008, for the time being and encouraged upon Self Discipline by the Traders in import and purchase of rough diamonds based on their inventory and demand for polished diamonds.,” the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

“The current market situation of diminished polished demand coupled with issues related to absence of profitability in diamond manufacturing due to bank finance becoming increasingly costly, absence of relativity of pricing of rough and polished diamonds is causing a severe strain on the players mainly in the mid segment of the diamond value chain,” the statement said.

Nevertheless, the industry has decided to try alternative methods, before resorting to closing down of units and factories.

These methods include – formation of a 10-15 Member Committee comprising of businesspeople from all associations, and the formation of three separate delegations for consultations – one for banks, one for miners and upstream providers and one for talks with the government of India.

The diamond traders also decided to make Promotional efforts to increase the demand for diamonds by increase of sales of diamond jewellery.

“The situation will be monitored for a month and a meeting will be organized after one / two months to discuss the decision of the trade as way forward,” GJEPC said.

The meeting was attended by around 250 of the top diamond exporters of India and was held at S.G. Jhaveri Trading Hall, BDB, BKC, Mumbai at 4.00 pm on Tuesday.

The GJEPC of India has than 6000 members across India.

Follow ULTRA.news
TeamLease buys 40% of education technology start-up Schoolguru TeamLease Services, one of India’s largest staffing companies, said it has agreed to acquire 40% of Schoolguru Eduserve Private Limited, an Online Learning company that works with 18 Universities.Established in 2012, Schoolguru provides services to Indian Universities to help...
FITE says 11 cases against Tech Mahindra layoffs moved to courts The Maharashtra unit of Forum for IT Employees said 13 disputes over forced resignations and  layoffs at IT organizations have been moved to the labor courts after failed mediation attempts by state labor authorities.FITE meets Maharashtra CM11 of the 13 cases were filed...
IT companies using illegal tactics to force workers to resign: FITE The Forum for IT Employees, arguably the IT workers rights organization with the largest number of well-wishers and supporters, accused IT companies of using illegal and unethical means to force their workers to submit their resignations.In a meeting with Maharashtra Chief Mi...
Vishal Sikka says Infosys trying to retrain employees displaced by automation Infosys Chief Executive Officer Vishal Sikka said his company was not overwhelmed by the problem of automation and that it is trying to retrain its staff displaced by automation.Sikka was responding to a question on 'what happened to the 11,000 employees' displaced by automat...
Lypsa Gems unveils new portfolio for Middle East clients Lypsa Gems and Jewellery said it will launch a new portfolio of 100 designs under its diamond studded jewelry collection for its wholesale clients in the Middle East."The company is hopeful to receive orders from its wholesalers and jewelry retailers based in the Middle East ...
Who’s responsible for IT job losses? Ask this recruiter It's become something of a fashion to complain about job losses in India's big IT services firms.Companies like Infosys Ltd, Tata Consultancy Services, Wipro and Cognizant employ over a million people in the country, and have been letting go off tens of thousands this year as...
Cognizant says will layoff employees, close facilities this year Cognizant, one of the largest employers in India, said it will let go off some of its employees and shut down some of its facilities as part of its ongoing shift away from traditional outsourcing to 'digital transformation work'.The company said it is 'accelerating its shift...
Cognizant layoffs may be heading to TN labour courts as FITE preps petitions Forum for IT Employees or FITE -- an organization that claims to speak for ordinary IT workers -- said a group of employees of Cognizant Technology Solutions will approach the office of Labour Commissioner of Chennai today."Affected CTS employees file petition to the Labour ...
Bots cut Wipro employee strength by 12,000 A NASA RobotA pioneering artificial intelligence program that started getting deployed around mid-2016 has helped Wipro Ltd reduce its employee numbers by 12,000 people, the company said in its recent quarterly update."The HOLMES platform generated productivity worth ove...
Wipro refuses to reveal how many employees are being laid off Wipro Ltd, one of India's top employers, refused to confirm the exact number of people that it was laying off as part of its annual appraisal process."It is part of the internal appraisal process," company officials said, refusing to go into further details.The media ha...
Indian IT industry facing layoffs as conditions worsen, warns Assocham Trump unveiled his 'Buy American, Hire American' program yesterdayIndian IT companies are bound to see "some laying off" of their work force back home due to various negative forces impacting the industry, Assocham -- an association of various industries -- warned."With ...
After Cognizant, Wipro employees on edge as annual appraisal starts India IT growth: Nasscom Strategic Review 2016Employees of Wipro Ltd are nervous as the information technology giant has kicked off its annual appraisal process this month.The first of the several reviews, known as L1 or level 1, has been completed, and at least some emp...
Govt likely to intensify efforts to create All India Judicial Service High Court of Karnataka, DharwadDespite setbacks and opposition from both state governments and the judiciary, the central government is not ready to give up the proposal to set up an all India service for recruitment of judges modeled on the Indian Administrative Service an...
FITE urges Cognizant employees not to submit resignations FITE rose to prominence protesting layoffs at TCSForum for IT Employees or FITE, a web-based IT workers' collective, has urged employees of Cognizant Technology Solutions not to resign voluntarily if asked by the company's human resources department."If the employee resi...
DoT lifts freeze over BSNL’s 2016 JE exam, document verification starts Students attend an examThe Department of Telecom has lifted its freeze over the recruitment of 2,700 junior engineers into Bharat Sanchar Nigam Ltd, India's state-owned telecom operator.The results of the recruitment exam, conducted in September last year, were put on ho...
TRUMP THREAT: TCS not worried, says we’re not the villains source: NasscomTata Consultancy Services, the largest Indian-owned outsourcing company, said it is able to manage with 75% less new visas this year as it has changed its business and recruitment models in recent years. It also said that outsourcing was key to protecting US j...
BSNL JE 2016 recruitment frozen after complaints to DoT – CMD Shrivastava BSNL Chairman and Managing Director Anupam Shrivastava said the recruitment of Junior Engineers (JEs) into the telecom company has been frozen by the Department of Telecom on the basis of complaints."It is being held up by the Department of Telecom... due to complaints," Shri...
Industry welcomes move to include made-ups in apparel package SIMA has welcomed the move include made-ups in the apparel packageThe industry has welcomed the move by the government led by Narendra Modi to extend support to the made-ups export industry and said it would help the sector break out of its current slump.The cabinet had ...
Exports increase share of jobs in India – Study A new study by the Exim Bank has found that around 15% of the total jobs in India are related to India's exports sector, including both IT, BPO and material goods such as garments.The total number of jobs supported by aggregate Indian exports increased from about 34 milli...
‘Book My Chotu’ sends helpers to stand in ATM queue for you @ Rs 90 Bookmychotu.com, which providers helpers and handymen for various household and other chores, is now offering to send people to stand in queues in front of ATMs at Rs 90 per hour.An eight-hour shift for a 'chotu' costs Rs 550, or Rs 69 per hour."Are you short of cash? Nee...