New Delhi: World’s largest manufacturer of natural polished diamonds and India’s premier diamantaire, Kiran Gems has declared a 10-day holiday for its employees. The vacation scheduled from August 17-27 for its approximately 50,000 workers is part of an effort to manage output in the face of sharply declining worldwide demand and rising stocks.
The diamond manufacturing company has declared a 10-day holiday to control the output of diamonds, according to the chairman of Kiran Gems, Vallabhbhai Lakhani. The company had never made a move like this before, Lakhani told The Indian Express.
Globally, the cost of polished diamonds has decreased, making it more challenging for diamond manufacturers to stay in business. According to Lakhani, if supply is managed, demand will increase and the sector will profit.
Kiran Gems is among the largest exporters of polished diamonds. The diamond company employs a substantial workforce of over 50,000 diamond polishers. According to Lakhani, 40,000 employees cut and polish natural diamonds while 10,000 work in the lab-grown diamond unit. The company is also considering paying employees for the time off.
With an annual revenue of Rs 17,000 crore, the leading diamond company is also an authorized buyer from De Beers, a leader in the world diamond market. Notably, De Beers reported a 15% drop in rough diamond production in the second quarter compared to the first quarter of the 2024 fiscal year.
