Diamond Foam maker Diamond Industries Limited has announced that it has suspended operations in Pakistan due to unavailability of imported raw materials.
According to the company, the operations will remain suspended with effect from January 10, 2023 till further notice subject to the availability of imported raw material in the country.
“Due to adverse economic conditions in the country and non-availability of imported raw material, the company has suspended its manufacturing operations for a short term with effect from Tuesday, January 10, 2023, till further notice subject to the availability of imported raw material in the country,” the company said in a letter to the Pakistan Stock Exchange (PSX).
It is pertinent to mention that several local businesses have shut down production in light of the restrictions on the import of raw materials or reduction in demand for their products due hike in prices caused by increasing inflation and devaluation of Pakistani Rupee.
Millat Tractors Limited, Pakistan’s biggest tractor manufacturer, has also shut down production owing to reduced demand for tractors in Pakistan. Meanwhile, there are several other automotive manufacturers observing non-production days (NPDs) caused by limited inventory.