Brand diamond industry as collective biz, says Modi
Dec 26 The recession should be perceived as an opportunity and not as a challenge, said the Gujarat Chief Minister, Mr Narendra Modi, to an appeal by Dr Amit Mitra to bail out the gems and jewellery industry facing rough weather. They were speaking at Sparkle, the international conference and exhibition on gem and jewellery, organised jointly by FICCI and the State as a precursor to Vibrant Gujarat, annual investor’s summit.
NO vat
“Nobody remembers that Gujarat does not put VAT on diamonds and that the gems and jewellery sector is the biggest benefactor of the Rs 1,500-crore Jyotigram Yojna. But during the bad times, the industry shifts all the blame to a labourer which is not fair.
“The handful of people at the top of the business should also bear the brunt of it and think of innovative ways to stabilise,” was his clear message.
Job cuts
The Gitanjali Group Managing Director, Mr Mehul Choksi, was reported as saying that around one lakh people have been laid off so far in the industry.
The diamond industry has gone through a rough patch, especially rough diamond, which is seeing an excessive of supply against drastically reduced demand.
Mr Narendra Modi invited the industry people to come together to brand the industry as a collective and not as separate family businesses as they are today (around 95 per cent of the total industry) to increase their worth in the international market
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