Over 100,000 people laid off in India’s gems, jewellery sector

October 6th, 2009 SRINAGAR - People in Srinagar are buying artificial jewellery instead of gold jewellery as it gives them more variety and is cheaper. "The big sets that you buy you just dump the things in the lockers.

July 2nd, 2009 NEW DELHI - Though comprehensive job loss data is not available for the current financial year, the Economic Survey Thursday said the financial crisis hit the Indian job market in the last quarter of 2008 but improvement in the employment situation was in sight. Quoting a labour ministry survey, it said during October-December 2008, there was decrease in employment of about half a million workers".

July 2nd, 2009 NEW DELHI - The Economic Survey tabled in parliament Thursday has sought the integration of diamond processing sector with jewellery manufacturing so as to boost exports. "Forward integration of the diamond processing sector to jewellery manufacturing, where the value addition achieved is the highest, will help in boosting the export performance once the existing economic downturn passes by, the survey said.

June 28th, 2009 SURAT - As the government gears up to present this year's union budget, the recession-hit diamond cutting industry is looking forward to some sops, which could bail it out from the economical rough waters. Traders in Surat, nation's diamond hub, said they are anticipating some tax relief in the budget.

June 9th, 2009 New Delhi, June 9 IANS) Dubai-based jewellery and watch trading company Damas has secured approval for a single brand retail joint venture in India with an investment of Rs.1.8 billion ($36 million), an official statement said Tuesday. The group's proposal, among the 22 others approved by the Foreign Investment Promotion Board with an investment of Rs.5.6 billion (around $110 million), calls for a joint venture in India with 51 percent equity.

June 4th, 2009 NEW DELHI - Models walking the ramp in exquisitely designed necklaces, inspired from tribal culture, formed part of the jewellery show that left the fashion lovers enchanted here last evening. 'Adi-Kriti', the collection of gold jewellery, captured the essence of the age-old tribal culture of the eight northeastern states.

May 25th, 2009 JAIPUR - After a gap of sluggishness due to global meltdown, the gems and jewellery business in Jaipur is slowly picking up. Of late, the demand has picked up not only across the world but also from within the country.

April 22nd, 2009 NEW DELHI - India's gold jewellery industry retained its sheen in 2008-09 despite the economic slowdown by posting 23.64 percent growth in exports, an industry lobby report said Wednesday. According to the report by the Gem and Jewellery Export Promotion Council (GJEPC), the gold jewellery exports grew from $5.54 billion (Rs.22,315 crore) in 2007-08 to $6.85 billion in 2008-09.

April 5th, 2009 NEW DELHI - Amid falling overseas demand, India's export sector is likely to post negative or flat growth in the current fiscal, said an industry lobby Sunday. According to a survey conducted by the Federation of Indian Chamber of Commerce and Industry (FICCI), about 61 percent exporters feel the export sector would not pick up in 2009-10 as the world economy continues to deteriorate.

March 17th, 2009 SURAT - Two diamond industry associations in Gujarat Tuesday came forward with Rs.10-million (Rs.1 crore) education assistance for the children of jobless diamond workers in the state. The Surat Diamond Association (SDA) said it would spend Rs.7.5 million for nearly 16,500 students in 140 schools in Surat.

March 15th, 2009 MUMBAI - India's gems and jewellery exports declined 34.57 percent in February owing to the sharp depreciation of the rupee and slower demand, according to data released Saturday. The Gems and Jewellery Export Promotion Council (GJEPC) said gems and jewellery exports fell 34.57 percent to $1.22 billion (Rs.5.91 billion) last month from $1.86 billion in the same period last year.

February 17th, 2009 CHENNAI/NEW DELHI - The price of gold continued to surge in India, the largest market for the yellow metal in the world, triggered by a virtual halt in imports as also on the back of global cues, with traders finding it a much better avenue for investment than corporate or government paper. Analysts said Wednesday they expected the uptrend to continue in the short-to-medium term, following demand from some unexpected quarters like investors in bond and equity markets, even though the sale of gold jewellery has fallen.

January 22nd, 2009 PANCHKULA - Four people drugged two employees of a Punjab-based jeweller here and looted jewellery worth Rs.3 million from them, a police officer said Friday. The employees of P.S.

December 31st, 2008 SURAT - Gujarat Chief Minister Narendra Modi's Dec 26 assurance that diamond workers' livelihood would be secured has not instilled confidence among them. Not all closed diamond polishing units have resumed operations, and eight workers have committed suicide in less than a week since then.

December 25th, 2008 SURAT - India's $50-billion gems and jewellery industry should take the advantage of the global economic slowdown to build a strong overseas market by offering products at 'cost-effective' prices, said Gujarat Chief Minister Narendra Modi here Friday. 'I have decided to take global recession as an opportunity.