Diamantaires rattled by messages of bankruptcy

SURAT: The diamond industry was rattled once again after messages about bankruptcy of four diamond companies based in Surat and Mumbai were circulated on social media groups on Monday. Industry leaders are still verifying the details.
The four diamond companies have defaulted on loan and private party payments to the tune of over Rs 1,000 crore. While two Mumbai-based companies defaulted on payments of Rs 185 crore and Rs 700 crore, the Surat-based companies defaulted on bank loan payments to the tune of Rs 265 crore and Rs 19 crore respectively.
Gems and Jewellery Export Promotion Council (GJEPC) regional chairman Dinesh Navadiya told TOI, “I don’t know about the other three companies, but officials of one mentioned in the list of bankrupt companies have clarified officially that these are just rumours and that some vested interests are trying to malign their image in the market.”
Navadiya added, “The diamond industry is passing through a tough phase after the PNB scam. We want to appeal to our own people to exercise caution in spreading such messages. Such messages will only further destroy the image of the diamond industry.” tnn
by via Surat News, Latest Surat News Headlines & Live Updates - Times of India