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Diamond traders unite to address crisis
Diamond traders unite to address crisis
The diamond traders in Gujarat have come together in order to pitch for their demands collectively. The diamond associations have decided to form a new federation. According to their assessment, the federation will give voice to the problems that the industry has faced.

The President of Surat Diamond Association (SDA), C P Vanani said, "We have constituted a committee comprising of 11 members. The members include presidents of 11 different diamond associations in Gujarat. However, the registration of the proposed association is yet to be done."

Vanani further added, "The federation will make representations to state as well as Union government and demand help of both the governments to overcome the problems faced by the industry."

"All the diamond associations have set the ball rolling for forming a new federation. The basic objective is to make collective efforts to tide over the current situation," said Chandrakant Sanghvi, regional convener for Gujarat, Gems and Jewellery Export Promotion Council (GJEPC). Due to global recession, the diamond industry is facing various problems, including job and business losses, due to global recession.

Gujarat currently has as many as 22 diamond associations. However, they have so far operated in isolation without much co-ordination among them.

Moreover, Vanani affirmed, "We have asked all the associations to come up with the details of the difficulties faced by them. We will collect data from all the associations and work out our demands to make to State and Union government."

According to The industry players said that diamond trading has come to a standstill as only 10 per cent trading is being done at present. Apart from this, some of the units are also closing down due to lack of business. It may be mentioned here that around 1 lakh diamond workers have lost their jobs amid recession.

Posted On : 1/31/2009 11:34:41 AM

Diamond traders unite to address crisis