Jaipur jewellery manufacturers and exporters are in a recession pain. Gobal recession disease have caught the traders and the very first symptom is falling export orders.
Until last year traders dealing in gems and jewellery segment were earning huge profits. But now the situation has reversed, gem city is facing an adverse impact of recession in the global economy.
Recession has directly hit the jewellery manufacturers and exporters as there is no more order booking coming from the offshore buyers. Jeweller exporters fear the impact would be felt in the coming quarter.
"As far as global recession is concerned, people are thinking that the sales may go down. If the sales go down during the Christmas season, then the impact can be seen in the next quarter," said Jagdish Tambi, Spokesperson, Jaipur Jeweller's Association.
Majority of the jewellery is exported to the US and the there has been a sharp fall in the quantity of export due to recession in the US. Falling exports has also resulted in sizable retrenchment of workers in the jewellery industry.
"There are a lot of people who have lost jobs because export orders have been cancelled. Lesser order, lesser work, every body can feel the impact. It is not that the recession is affecting the US only," said Sudheer Kasliwal, an exporter.
What started in the US about 18 months ago as a housing mortgage crisis has slowly engulfed the whole world and India is no exception.
Until last year traders dealing in gems and jewellery segment were earning huge profits. But now the situation has reversed, gem city is facing an adverse impact of recession in the global economy.
Recession has directly hit the jewellery manufacturers and exporters as there is no more order booking coming from the offshore buyers. Jeweller exporters fear the impact would be felt in the coming quarter.
"As far as global recession is concerned, people are thinking that the sales may go down. If the sales go down during the Christmas season, then the impact can be seen in the next quarter," said Jagdish Tambi, Spokesperson, Jaipur Jeweller's Association.
Majority of the jewellery is exported to the US and the there has been a sharp fall in the quantity of export due to recession in the US. Falling exports has also resulted in sizable retrenchment of workers in the jewellery industry.
"There are a lot of people who have lost jobs because export orders have been cancelled. Lesser order, lesser work, every body can feel the impact. It is not that the recession is affecting the US only," said Sudheer Kasliwal, an exporter.
What started in the US about 18 months ago as a housing mortgage crisis has slowly engulfed the whole world and India is no exception.
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