Correlation Analysis on Recession Effect on Diamond Brokers During 2008-09

Abstract

Surat: The deans of the world's largest diamond cutting and polishing center, Surat, have said the ongoing recession in the industry is purely "man-made." They felt that strict business discipline would help the industry regain its lost luster. Surat's diamond industry, one of the main sources of foreign income and livelihood for millions of people, is in dire straits. A number of polishing plants are in the grip of the recession, with some fear of closure. Slowing foreign demand and stagnant cut diamond rates relative to the rising cost of rough stones are the reason. While 2008-09 was due to the global economic crisis, the current situation is a creation of the diamond dealers themselves. This article is an attempt to assess the effect of the 2008-09 diamond brokerage recession on diamond broking professions. The document is a survey of diamond brokers in Surat city on primary 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. This study focuses on effect of recession on income, brokerage and working hours of diamond brokers at Surat city. This study includes the correlation analysis on income, working hours and broking of diamond with respectively before recession, during recession and after recession.