A Study on Recession Effect on Diamond Brokers During 2008-09 (Income, Brokerage of Diamond and Working Hours)

Abstract

The recent global recession and its effects are all pervasive, the only difference is huge. Diamond is the main contributor to India's total exports. Of this total diamond export from India contributes more than 12 percent. Gujarat is one of the largest players in diamond processing (cutting, polishing and brokerage) and contributes around 72 percent of India's total exports. As the diamond industry is mainly an export-based industry, during the recession it is negatively affected. This article is an attempt to assess the effect of the 2008-09 diamond brokerage recession (income, diamond brokerage and hours of work) on diamond brokers. The document is a survey of diamond brokers in Surat city on primary and secondary data that was collected from 130 diamond brokers in the diamond industry located in Surat of Gujarat. The Survey concludes that the recent recession has negatively affected the socio-economic condition of the diamond worker and that the social and economic benefits program for those affected is failing to support him. The study will also attempt to determine how to deal with the brokers' strategy and the impact of the employment guarantee and other social security measures initiated by the government. Either way, the recession is happening again; what precautions diamond brokers, workers and government need to take in advance. This study focuses on effect of recession on income, brokerage and working hours of diamond brokers at Surat city.