Tarekh Sheikh has just returned to Surat from his village in Uttar Pradesh. He left the city in one of the first special trains to Uttar Pradesh during the lockdown. As a worker in a diamond unit in Surat, whose 20,000-plus units cut and polish nine out of every 10 rough diamonds in the world, Parekh was earning over ₹600 per day. He tried farming back home but realised that earnings were not enough to feed his family of seven, including three children and parents. He decided to return when former colleagues told him on phone that diamond factories in Surat were re-opening. Though prospects are not very bright now due to persisting coronavirus fears, he is confident of getting his old job back as “sethji has got some big orders.”
This is a sea change from just six months ago when the future looked dark due to sudden shutdown of factories and that too after several quarters of recession for the diamond industry. Cut and polished diamond exports fell 48.31 per cent in FY20.
Then came the lockdown. India’s diamond exports fell 37 per cent to $5.5 billion in first half of FY21 and are expected to be 20-25 per cent lower for the full financial year.
But there is light at the end of the tunnel. After several painful quarters, the industry, based in Surat, is looking forward to demand revival as the global holiday season approaches. Also, many big diamond mines across the world are shutting down, which means prices will firm up as high quality and fancy diamonds, one of the last words in luxury, become more precious and rare. The worst seems to be over for the Indian diamond industry.
Going Rare
Esta historia es de la edición November 15, 2020 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 15, 2020 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
