The diamond industry works on credit which ranges from 30-180 days and the diamonds are sold only on reference basis. Surat is the hub for diamond cutting and polishing and about 90% of the world’s rough diamonds are processed here. According to estimates by Surat Diamond Association, imported rough diamonds worth Rs1 trillion came to Surat in 2016-17. “There is zero impact on the diamond industry as of now. Also, so far, no diamond baron or diamond company has come forward and claimed that Modi and Choksi have duped them,” said Dinesh Navadiya, former president of Surat Diamond Association and promoter of Tiku Gems, a medium-scale diamond firm.

Source: Mint February 22, 2018 02:15 UTC