What is it about?
The case was written during and post recession of 2009. It is about a leading diamond cutting and polishing unit based in city of Surat, India. The city of Surat is the global hub of diamond cutting and polishing industry, and a network of thousands of firms have helped shift the global hub of diamond processing from Antwerp, Belgium to India. However, during 2008 recession, millions of workers in Surat lost their jobs, as diamond prices and demand had fallen sharply. But, the leader of one unit did not lay off his workers , instead motivated them to work harder to survive the recession. The overall industry was quick to revive post- recession. The case is about the growth of this unit over 40 years and its people management practices.
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Why is it important?
The entire world is going through turbulent times and workplace stress is on the rise. It is useful to study the lessons from this case for management of people in modern day organizations.
Perspectives
India is a fast growing nation with firms doing business all over the world. The diamond industry comprises of a network of thousands of small and medium firms and has enabled a shift of global hub of diamond processing from Antwerp, Belgium to Surat, India. This case traces historical evolution of the Indian diamond industry in the backdrop of a crisis situation that emerged during 2008 recession in a leading Indian diamond firm engaged in cutting and polishing of diamonds.
Prof (Dr) Indu Rao
Nirma University of Science and Technology
Read the Original
This page is a summary of: Surviving the Recession: Venus Jewel –A Case Study from the Indian Diamond Industry, Vikalpa The Journal for Decision Makers, July 2009, SAGE Publications,
DOI: 10.1177/0256090920090311.
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