Indias gems and jewellery industry has dismissed about 100,000 workers, an industry leader said.
More than 1.3mn people and their families are depended on the US$50bn Indian gems and jewellery industry that has been hit hard with exports falling and imports of rough diamonds remaining suspended for a month.
The Gems and Jewellery Export Promotion Council (GJEPC), which apprehended 40% reduction in demand, has since withdrawn its call for suspension of imports. Of the US$50bn industry, exports account for US$20bn. The country manufactures 90% of the worlds diamonds as per the industry players, while Surat alone accounts for 70%.