Another Diamond Trader Defaults For Rs 50 crore In Mumbai

Finance and Trade
08/05/2015 08:50

The Times of India reports another Mumbai diamond trader defaulted on the huge amount of outstanding payments worth over Rs 50 crore on Thursday causing dozens of manufacturers and small merchants to lose money.The diamond industry in Mumbai and Surat have witnessed defaults worth over Rs 500 crore in the last few months. Around 80 per cent of the victims in the default cases are from the diamond hub of Surat.