11 hours Ago By Yagnesh Bharat Mehta
Surat: As diamond polishing units have begun announcing Diwali vacations , almost all of the nearly 1 lakh grinding wheels in the city will come to a stop by the weekend. However, there are concerns about the reopening of smaller units due to the challenges in the global diamond business. Leading manufacturers, which contribute around 75% of polished diamonds, are set to reopen in 21 days.
Leading lab-grown diamond (LGD) units are set to reopen after 10 days, to manage rough supply. There is consistent demand in the competitive LGD market with manufacturers trying to fulfil orders on time. "During the Janmashtami vacation, rumours spread that the break would be extended, but units reopened in a maximum of a week and the manufacturing process resumed, albeit at a slower pace due to the drop in demand and prices.
All leading units are to open in 20 days, while some smaller ones may take a longer time," said Jagdish Khunt, president of the Surat Diamond Association. According to one estimate, there are 5 lakh diamond artisans directly involved in the manufacturing process. Vacations in most units will begin on Oct 25.
Leading units will reopen by Nov 18, while LGD manufacturers are preferring shorter vacations. "Our LGD units will start in 10 days and most of our workers will be back at work. We are observing a 20-day vacation like every year for the natural diamonds segment," said Vallabh Lakhani, chairman of Kiran Gems.
Diamond artisans say there are fewer complaints compared to the pre-Janmashtami period. Due to the panic of job losses among diamond artisans, Ratnakalakar Vikas Sangh (RVS) used to receive complaints related to less work and about fears of delayed reopening after the Janmashtami vacation. "There are already reduced weekly working hours in diamond manufacturing, but the panic is not like the pre-Janmashtami period.
Most units are to restart in 21 days, but smaller ones may take longer," said Balu Vekariya, president of RVS. Meanwhile, trading in Mahidharpura is set to resume on Nov 20. "Business will be as usual after a vacation of around 20 days from Diwali.
There is the impact of the slowdown, but there is business in the market," said Nandlal Nakrani, president, Surat Diamond Broker Association..
