New Delhi: Surat-based diamond company Kiran Gems has given a 10-day vacation to its 50,000 employees. The company said that it has given the employees a vacation from August 17 to August 27.

This decision has been taken due to the slowdown in international markets and the decrease in demand for polished diamonds in the international market. According to the website of Kiran Gems, it is the world's largest natural diamond manufacturing company.

Recession and lack of demand is the reason

Kiran Gems Chairman Vallabhbhai Lakhani told news agency PTI that we have announced a 10-day holiday for our 50,000 employees. Although we will deduct some amount from the employee's salary for this, all employees will be paid for this period. Due to the recession, we have been forced to announce this holiday.

The company took this decision due to low demand for raw diamonds and the decline in demand for polished diamonds exported by the company.

Vallabhbhai Lakhani also said that the fall in demand has affected other companies as well, but they are silent about it right now. However, Lakhani said that no one knows the exact reason for this slowdown yet. To make people aware of the reality, Kiran Gems has announced a holiday for its employees.

The Russia-Ukraine war and the Israel-Palestine conflict are some of the factors that have led to the slowdown. Since 95% of polished diamonds are exported, global factors always impact the sale of precious stones.

Jagdish Khunt said that about 4,000 big and small diamond polishing and processing units in Surat provide direct employment to about 10 lakh people.