India : Diamond trade defaulters cross all bounds this Diwali

Diamond industry in India has faced recurrent problems of default cases and it is needless to say that the industry as consequence has suffered colossally. Evidencing this fact, are recent incidents of evasion in the Surat diamond industry.

Considered to be the world’s largest diamond cutting and polishing center, Surat diamond industry have registered over 40 cases involving a sum of nearly Rs50 crore and it is further estimated to go up to Rs90 crore during Diwali.

One of the major reasons behind such immoderate delinquency is concurrent depreciation in US Dollar. It is also noted that maximum default cases emerge from merchants dealing with polished diamonds, in spite of which no concrete actions are taken to curb the perpetual crisis in the diamond industry.

Surat Diamond Association is one of the most affected companies, trying to deal with the present circumstances, but without any positive results.