JOB LAYOFFS in India: Jewellery industry cuts 1 lakh jobs

Earlier, the textile industry was on its way to cut around one million jobs all over India. Now the recession is showing effects on Jewellery and Gems industry.


Business Standard: Jewellery industry cuts 1 lakh jobs in India

"This is for the first time in four decades that the diamond industry is facing a severe liquidity crunch and has laid off 1,00,000 people recently," Gitanjali Group Managing Director Mehul Choksi said here.

What we are yet to see is the full impact of recession on IT jobs in India. Already there have been several layoffs. But as the recession in the west gets deeper, Indian IT companies will see an impact on orders. The outlook for Indian IT industry is quite grim.