Dozens of small diamond traders in Surat are facing a serious financial crisis just ahead of the Diwali festival, following defaults by a diamond merchant based in Hong Kong, who operates through an office in Mumbai. The merchant has failed to honor payments amounting to over Rs 55 crore, leaving many local traders in dire straits.
According to industry sources, the diamond merchant, who has been dealing in polished diamonds in Hong Kong for several years, also maintains business relations with traders in Surat. Over the past few months, the merchant purchased polished diamonds from these Surat traders but has defaulted on fulfilling payment obligations, exacerbating the economic woes of the local diamond community.
This story is from the October 01, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 01, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
IT'S YOUR GRANDMA SERVING
Brunch & Cake believes in recreating grandma's magic and satiate the Mumbaikars with their scrumptious food
Singing for a cause
Singer Sudesh Bhosale talks about his upcoming charity concert and more
Holistic approach to stiff fingers
SELF HEALING
Digital dangers
Tips for Gen Z to protect themselves from catfishers and similar threats
TINY TRENDSETTERS
Indian cities are seeing the rise of microdog breeds as an adorable but practical trend: imagine bustling street corners where an adorable Pomeranian strolls alongside its owner, charming passersby with its irresistible charm.
Relieve rotator inflammation
Rotator cuff tendinitis is a common condition that involves inflammation of the tendons in the rotator cuff, a group of muscles and tendons that stabilize the shoulder joint. It often causes pain, stiffness, and limited shoulder movement.
How to care for shrimp
From my childhood I was always fascinated towards smaller animals as nature might have made them micro but packed them with macro colors when viewed.
How cats eat? A look at their nutrition
A look at their nutrition
HOW TO STOP WILTING IN WINTER
Succulents are tough little plants, but even they can feel the bite of winter. If you've noticed your succulents wilting when the cold weather hits, you're not alone.
High-performance new KTM bikes now in India
KTM has significantly expanded its lineup in India, launching 10 globally recognised motorcycles across four unique segments.
