SURAT: A diamond merchant hailing from Rajasthan, who is based in Antwerp, Belgium, defaulted on payments to the tune of Rs 18 crore, mostly to merchants in Surat and Mumbai, on Friday.
Market sources said the defaulter was in the business for quite a long time and had been purchasing polished diamonds from merchants in Surat and Mumbai.
The defaulter hails from Madhavpura village in Rajasthan and also had an office in Surat. The creditors from
Mahidharpura
and
Varachha
diamond markets went to his office in Varachha, but could not find anyone there.
This is first default case worth Rs 18crore to take place after
Diwali vacation.
Surat Diamond Association
(SDA) sources said diamond merchants have approached the association and a legal opinion is being sought from the apex body in Mumbai on dealing with the defaulter. tnn