As China Slows, India Fears More Factory Job Cuts

Finance and Trade
08/09/2015 07:35

More than 5,000 Surat polishers have lost their jobs since June and thousands more could be left without work, as Chinese consumers pull back from luxury purchases, leaving jeweler with stocks of unsold jewelry and gems, according to a Reuters report. Indian polishing firms say Chinese jewelers have defaulted on deals worth millions of dollars. Around 10 large diamond manufacturing firms in India's cutting and polishing center have closed down in recent months, with little respite in sight.