Surat Diamond Industry: Due to global recession and weak economic condition of countries including America, the shine of Surat's diamond industry has faded. During the peak of the boom, diamond companies used to give valuable things like flats, cars, houses as Diwali bonuses, but after the recession, some companies have tried to keep the employees happy by giving them cash or air fryers as bonuses.
Flat, car, FD certificate, solar panel in boom S
Global recession is being witnessed due to the wars between Ukraine-Russia, Palestine-Hamas and Iraq-Israel and the weak economic condition of countries including America. The direct impact of this global recession is being seen across the world on the diamond industry of Surat. On the other hand, compared to natural diamonds, lab-grown diamonds are gradually gaining ground in the global market and people's preferences are also changing. In such a situation, according to the diamond industry, such a terrible recession has never been seen in the last 50 years and it seems difficult to say what the future of the industry will be.
Even before Diwali, a big diamond company of the city laid off jewellers, while some companies announced not just one but two days off in a week along with reduction in working hours. Traders were estimating that the demand in the market would increase slightly on Diwali and next Christmas, but this remains only a guess. The special thing is that at one time due to the boom in the diamond industry, Surat used to see a boom.
A big diamond company of Surat used to give things like car, flat, house, fixed deposit certificate, solar etc. as Diwali bonus. The offer of car, flat etc. as bonus by Heera Company has attracted the attention of traders not only in India but across the world. But now due to the huge recession in the diamond industry, its shine has faded and whether Diwali bonus should be given or not has also become a question. However, some companies have tried to keep the employees happy by giving them cash, air fryers etc. as bonuses.
Jewelers Rs. Absconded with Rs 10.41 lakh without paying salary
The condition of the diamond industry is bad. Due to this, the condition of jewelers has also become bad. Amit Babu Virani, manager of diamond company Virani Diamonds located in Katar Gaon area of Surat, and nine employees of Viren Babu Virani Factory, stole Rs. Rs 10.41 lakh has gone missing by closing the unit without paying salaries. After the application given to the police by the Diamond Workers Union, the police have registered a case against the managers of Virani Diamond.
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