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The most recent being the Gajera brothers, local diamond merchants, who after taking diamonds worth crores from traders fled from the city. They are still untraceable.
Fresh from such incidents, diamond traders of Mahidharpura have decided not to give any diamond on credit and instead do their entire business in cash. Till now, most of the transactions were made on credit, as the entire business was conducted on trust and loyalty.
“Nothing is written in the notebook and nobody keeps records while giving or receiving diamonds from the parties,” said CP Wanani, president of the Surat Diamond Association.
Wanani added: “The industry has experienced defaulter parties and the creditors are loosing their business with this system. To overcome this nuisance, we have come across many rough diamond businessmen who have boycotted to do business on credit basis. This is a good attempt started by the traders in the city and it will definitely affect the industry. But it will take time to expand, as majority of the players have grown on conducting business on credit basis.”
He, however, expressed hope that faith and loyalty will return to the industry.
“The diamond business in Surat started from Mahidharpura area and later it attracted the diamond businessmen from north Gujarat and got extended to Varachha, Kapodara and Katargam in Surat,” said Vallabhbhai Pariwala, a rough diamond trader of Mahidharpura .
Though all has welcomed the new mantra of business in cash, the traders, however, feel that it would affect their business too.
“The new attempt is excellent but this attempt will also affect our own business, as majority of the business is done on credit. The veteran players in this industry and whose business runs in crores are still continuing this business as they know with whom the business is done. The cash business in rough diamonds will take time to spread in the entire diamond industry,” Pariwala added.
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