Ahmedabad, August 22: There has been a 10-15 percent job loss in the diamond cutting and polishing industry in Gujarat over the first four months of this fiscal year. According to an Economic Times report, the job loss is due to a slowdown in demand for diamonds in China and West Asia. Parle May See 10,000 Job Cuts Due to 18% GST Affecting Biscuit Sales.

The report further mentions that the prices of polished diamonds have dropped by 6-10 percent in the past four months due to weak demand and the industry does not foresee the demand to pick up anytime soon. Reportedly, India is the world's largest cutting and polishing centre of rough diamonds, processing as many as 14 out of every 15 rough diamonds in the world.

Slow down has hit all the major industries in India, and as a result of which massive job cuts are taking place. On Tuesday, biscuit maker, Parle company said that they may have to let go, 8,000-10,000 people, if the ongoing consumption and slowdown persists. The 18 per cent GST has forced the company to hike prices which have been affecting their sales. Overall, the industry situation is gloomy with sales declining and companies being forced to layoff employees.

(The above story first appeared on LatestLY on Aug 22, 2019 11:51 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).