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Surat diamond firm announces 10-day 'vacation' for 50,000 employees citing recession

By Economic Times - 2 months ago
Kiran Gems, a prominent diamond manufacturer in Surat, implemented a 10-day vacation for its 50,000 employees from August 17 to 27 because of declining global demand for polished diamonds. This unprecedented move intends to manage production amid a downturn influenced by factors such as the Russia-Ukraine conflict and Israel-Palestine issues.

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