Diamond manufacturers in Surat, the cutting and polishing capital of the world, are “extending their summer vacations as the recession hits and consumers in the US and Europe boycott Russian goods,” according to reports quoted by IDEX Online.
Staff are laid off, working hours are reduced or vacations are extended to “avoid overproduction” in many units. According to Bhavesh Tank, vice-president of the Diamond Workers’ Union Gujarat (DWUG), 10,000 have been laid off in Surat over the last two months.
Hitesh Patel, managing director of Dharmanandan Diamonds, told Hindustan Times: “Many companies have decided to go on an extended vacation. Our company has also decided to go on a vacation from May 10 till about May 20, which we do every year. We may extend it by a few days.”
