Crunching Situation of Indian Diamond Industry Due to the Global Recession and Volatile Behavior of US Dollar (A Study of Diamond Industry of Surat, Gujarat)

Analyzing the Impacts of Global Factors on the Surat Diamond Industry

Abstract

The Surat city of Gujarat is a leading diamond cutting and polishing center in the world. Though it is operated in an unorganized way, but provides employment to large mass of the society and generates valuable FOREX for the nation. Due to the appreciation of US and recession in major parts of the world, the industry has been affected to a great extent and because of the same, plenty of changes in work practices introduced by the owners to synchronize the business with global tune. The economy of the Surat city is highly reliant on the diamond industry the major work force employed in diamond industry is from Saurashtra. Due to the US appreciation and global recession, this diamond industry has been affected to a great extent. The impacts of the global factors have positive and negative effect and the same has been studied in this research work.