Due to a lack of imported raw materials, Diamond Industries Limited, a manufacturer of diamond foam, has stated that it has ceased operations in Pakistan.
In accordance with the corporation, operations will be halted as of January 10, 2023, and will stay so until further notice, pending the availability of imported raw materials in the nation.
In a letter to the Pakistan Stock Exchange, the company stated that “due to unfavourable economic conditions in the country and non-availability of imported raw material, the company has suspended its manufacturing operations for a short period with effect from Tuesday, January 10, 2023, until further notice subject to the availability of imported raw material in the country” (PSX).
It is important to note that a number of local companies have stopped operating due to restrictions on the import of raw materials or a decline in consumer demand as a result of price increases brought on by rising inflation and the depreciation of the Pakistani Rupee.
The largest tractor producer in Pakistan, Millat Tractors Limited, has likewise stopped production as a result of the decline in demand for tractors in that country. Other automakers are experiencing non-production days (NPDs), which are brought on by a shortage of inventory.
