Kiran Gems Declares 10-Day Vacation Amid Recession

Surat : Kiran Gems, one of the world’s largest diamond manufacturing company based in Surat has declared a 10-day vacation for its 50,000 employees starting from August 17 to August 27 following the dwindling demand of polished diamonds in the international markets, especially in the USA, Hong Kong and China–the three largest diamond consumer market in the world. 

Kiran Gems is the world’s largest manufacturer of the small-sized diamonds. Kiran Gems chairman, Vallabh Lakhani, is the brainchild behind the world’s largest office-building, the Surat Diamond Bourse (SDB). However, Kiran Gems exited from the SDB after getting lukewarm response from the diamond community in February-2024. 

Kiran Gems operates from the Bharat Diamond Bourse (BDB) in Mumbai and other offices around BDB. The company has offices in other countries as well. This is the first time that the company has announced a 10-day vacation for the diamond artisans.

In Surat, majority of the small and big diamond companies have followed suit by announcing 10-day vacation starting from August 17.

“We have announced a 10-day vacation for our 50,000 employees. Though we will deduct some amount, all employees will be paid a salary for this period. We are forced to announce this vacation because of the recession. I am tired of this recession now,” Kiran Gems chairman Vallabhbhai Lakhani stated.