Revival in diamond industry as orders pour in

AHMEDABAD: There is light at the end of the tunnel for nearly two-lakh diamond workers in Surat who lost their jobs since the credit crisis led to consumers tightening their purse strings. The signs of revival of spending have brought back cheer, though at the cost of longer working hours and sacrifice of the traditionallyextended festival holidays.

Kiran Patel, from Rupal village in Gandhinagar district who lost his job last December, is all smiles now. In his new job at one of the thousands of diamond polishing units strewn all over Surat, he will be paid Rs 7,000 a month, Rs 1,000 more than when he lost his job. And bonus, too, enabling him to spend more on crackers and sweets. And he is not protesting the extended work hours and a 50% lesser holidays this Diwali.

The trillions of dollars spent by governments and liquidity injection by central banks across the globe to avoid a depression like the 1930s, is arresting an economic slide, bringing the consumers back to shops and opening the doors of employment for many thrown out of jobs in the worst economic crisis since the Great Depression.