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Wednesday, November 19, 2008

Diamond Industry Holds Crisis

We are very much affected by the credit crunch everyone has had to experience due to worldwide financial crisis! We are working in diamond mining industry, the fact that diamond prices are down to at least 20%, though we have been trying to mine and produce more to compensate the loses, but then it is just quite difficult to make more, which would mean for us to spend more money to be able to get the same amount of money we used to get for a certain quantity. Now what will happen next? Everyone was insinuating to have a manpower downside in every department. It is sad because they have started to implement to have all the overtime to be cut, so no more extra money for the Filipinos and for the Nationals.

We normally get 50% of our basic salary as a "holiday pay" (this is once a year), which we then get paid for the month of November, plus another 50% as "Christmas bonus" on December. But we are told not to expect these two bonuses, as our company don't have enough money to pay all. Looks like that even then we meet our monthly target, we still don't get our monthly bonus.

This is on the news worldwide: Traders, cutters, polishers and producers from the world's top diamond hubs — including India, Israel, Dubai and China — held crisis talks in this Belgian city to keep the shine on their multibillion-dollar business. Industry leaders De Beers Group and Russian mining giant Alrosa announced plans to cut production of rough diamonds and to launch a massive media blitz in the United States to lure consumers back to jewelers and prevent a panicky markdown in prices. Still, industry experts warned of a possible 15 percent drop in sales in North America next year, a 10 percent sales drop in Europe and a five percent drop in Japan.

Click here to read more updates on diamond industry crisis. Are diamond industries set to loose it's sparkle too?

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