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.
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This story is from the October 01, 2024 edition of The Free Press Journal.
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