Rough Price Hike: Three-Day Week for Surat Diamond Workers
December 15, 21
(IDEX Online) - Manufacturers in India are cutting production as rough prices rise - and have put some workers on three-day weeks.
Many of Surat's 6,000 cutting and polishing units are not currently replenishing their stocks.
Dinesh Navadiya, regional chairman (Gujarat), GJEPC, told the Economic Tines: "The units are working on a need- based pattern now as rough prices have gone up.
"They are very cautious now so that their profitability does not take a hit. The industry had gone through a very bad time in the pre-pandemic period.
"Polished prices have gone up 10-15 per cent but a further rise is required to maintain profitability of the units."
Rough prices rose by 10 per cent in the first nine months of this year, according to Alrosa.
Many diamonds workers in Surat have already quit their jobs because of low wages and Covid pay stoppages.
The Diamond Workers Union is demanding a 20 per cent pay increase, claiming wages have not risen for five years.
File pic of diamond polishing in Surat.