Surat, Oct 21 (ANI): The diamond industry of Surat in Gujarat is fighting hard to survive the current recessionary trends.

Diamond exporters are feeling the heat of the US meltdown. With the demand gone down not only in the international market, but in the domestic market as well, more orders are being cancelled every day.

The Surat diamond industry is worth Rs 800,000 million and constitutes more than half of the total diamond exports from India. It employs more than 700,000 workers from across the country. Over 2,500,000 people are associated with the trade, indirectly.

The glitter is missing from the industry. The traders estimate that they have lost around 20-30 per cent of their business.

"Surat is one of the biggest polishing industries of the world. The business is being carried out here ever since 1960. Around Rs 800, 000 million worth material is exported from here but since quite some time, the recessionary trends are creating problems for us. The economy of United States is not doing well and it affects us badly since more than 60 per cent of our exports used to go to the United States. Today, it has been reduced to 30 per cent," said Praveen Nanavati, a diamond trader.

The US is one of the largest markets for diamonds and other gemstones. Also, exporters said that the diamonds processed in Surat are sent to other parts of the world including the Middle East from where manufactured jewellery is then sold across the globe.

Nanavati further added that livelihood of more than 700.000 people directly employed in the diamond trade in this town alone is at stake.

These diamond craftsmen in Surat are uncertain about their jobs.

He also clarified that though usually these workers get one month paid leave in the month of November every year ahead of Diwali, the vacation might extend owing to lack of work.

The employees might return back to work only by January.

"We were expecting that during Diwali, the domestic demand might increase. But it might not be so as the gold prices have shot up. The rate of a diamond to dollar has also gone up from 40 to 49 making the purchase of raw materials an expensive affair," said Nanavati.

Even as India's festive season is round the corner the demand seems to be fast drying up, adding to the woes.

India's diamond industry has been reeling under a spate of problems. Around 2000 factories out of 10000 have already shut down.

The worst-hit diamond cutters and polishers have not yet lost hopes on the market making a come back to add the lost sheen, luster, glitter and sparkle to their lives. (ANI)

Nicosia, Oct 21 (ANI): Qatar Petroleum has awarded Punj Lloyd the engineering, procurement, installation, and commissioning of the Strategic Gas Transmission Project, worth 800 million dollars.

The project includes the laying of 211 km of a 36-inch diameter pipeline with associated stations and infrastructure.

Punj Lloyd, a transnational a transnational company specializing in the energy and infrastructure sectors with operations in the Middle East, Africa, the Caspian, Asia Pacific and South Asia is expected to complete the work in Qatar in 32 months.

Atul Punj, Chairman, Punj Lloyd Group, told journalists that was the fourth EPC contract the company secured in Qatar, something which demonstrated the confidence of the client in Punj Lloyd Group's capability in executing large and challenging projects.

"The project will facilitate in meeting the power and water production growth of Qatar," he said.

Punj Lloyd has major presence in Qatar and is executing key EPC projects including the Doha Urban Pipeline Relocation and the Multi-Product Pipeline from Qatar Petroleum Refinery to Doha Depot for Qatar Petroleum, and fuel systems for the New Doha International Airport. (ANI)

London, Oct.20 (ANI): Emerging economic powerhouses India and China will be most reluctant support the wider global economy during its downturn phase, as Deutsche Bank survey has warned.

The warning comes as world leaders have agreed to hold a "Bretton Woods (type) meeting for the 21st century" in New York to assess the global economy's health.

The Deutsche Bank also warned that major industrialised economies will suffer the worst slump since the 1930s, and added that Britain will be more vulnerable than the United States.

"We now expect a major recession for the world economy over the year ahead, with growth in the industrial countries falling to its lowest level since the Great Depression and global growth falling to 1.2pc, its lowest level since the severe downturn of the early 1980s," The Telegraph quoted bank economists Thomas Mayer and Peter Hooper, as saying.

According to the International Monetary Fund (IMF), global growth of anything less than three percent constitutes a world recession.

The New York meeting comes at the initiative of U.S.President George W Bush, French President Nicolas Sarkozy and European Commission President José Barroso.

The meeting may take place in the UN headquarters in New York, and the G8, which consists of the US, Japan, Germany, Russia, the UK, France, Italy and Canada, will be joined by others including India and China. (ANI)

New Delhi, Oct 20 (ANI): Finance Minister P. Chidambaram today said that the 100 basis point cut in repo rate by the Reserve Bank of India (RBI) is consistent with the government's policy of maintaining growth and moderating inflation.

Talking to reporters here, Chidambaram said the rate cut would be beneficial for both borrowers and investors, and help investors to carry forward their plans.

"The cut in the repo rate is consistent with our objective of moderating inflation and ensuring satisfactory growth rates. It will be beneficial to many sections of the people especially borrowers and investors. I hope it will enthuse investors to continue to take forward their investment proposals," he added.

India's central bank on Monday cut its key short-term lending rate by 100 basis points to 8.0 per cent to alleviate pressures caused by the global financial crisis and maintain financial stability.

The cut in the repo rate, which takes immediate effect, came ahead of a scheduled policy review on Friday.

The central bank may cut its short-term lending rate at a policy review on October 24 as a buffer against the global financial crisis and economic downturn.

The Indian rupee strengthened and bond yields fell after the RBI cut its key lending rate, the repo rate.

The main 30-share BSE index extended gains to 5.6 per cent up on the day.

The rupee rose to 48.72 per dollar from 48.80 before the rate cut was announced.

The government and the central bank have taken a number of measures over the past month to ease cash conditions and staunch the effects of the global financial crisis, including cutting banks' cash reserve requirements. (ANI)