Indian Diamond Brokers to Form Separate Trade Association

08/07/2016 11:22

Hundreds of diamond brokers from Varachha and Mahidhapura diamond markets have got together to form their separate association to take up the issues pertaining to the trade and the merchants, reports The Times of India. Diamond merchants took the decision two days ago after the police - following a complaint from the regional chairman of the Gems and Jewellery Export Promotion Council (GJEPC), Dinesh Navadiya - arrested two merchants in connection with a cheating case reported one year ago. Sources said that the diamond merchants at both Varachha and Mahidhapura markets are unhappy with Navadiya's decision to name the two merchants, who were the commission agents in the FIR.

Navadiya, who owns Tiku Gems, had sold diamonds worth Rs 16 lakh to a buyer identified as Nilesh Ghatkpoar from Mumbai through the diamond merchants identified as - Mansukh Vekaria and Bhavesh Nakum from the Varachha diamond market. The buyer defaulted on the payment one year ago. Diamond brokers said the entire merchants' fraternity are unhappy with Navadiya and the police action on the innocent diamond merchants. They feel it is the seller'is responsibility to know their buyers before selling the valuable goods. Diamond merchants act like a mediator between the two parties, for which they are paid commission or brokerage.There are around 10,000 small, medium and big diamond brokers operating in the Varachha and Mahidhapura diamond markets. Around 3,000 forms have been distributed in the last two days for the membership drive. "Diamond brokers have been operating without any association. We want our own association to safeguard the interest of the diamond merchants, wrongly implicated by the diamond manufacturers and police in the fraud cases" said leader of the diamond merchants, Manhar Sutaria. Sutaria added, "We will fight for the injustice meted out on the diamond brokers by the police and the big Bs (barons) of the diamond trade."