• "Uncertainity looms large over the world's largest diamond cutting and polishing industry in Surat following the scrapping of the old Rs 500 and Rs 1,000 currency note by the government," writes the Times of India (TOI) on the sudden currency ban.

  • Royal Bank of Scotland is to close its banking operations in India in a bid to cut its losses after giving up on efforts to find a buyer due to fears about a lengthy regulatory approval process for a deal, the Financial Times reported. The article did not mention the effect on India's diamond industry as a result of the closedown. The bank has been steadily selling off non-core units of its Indian business in recent years, as part of a policy of withdrawal from the ill-fated global expansion that led to its bail out during the 2008 financial crisis.