 "PNB-Nirav Modi scam: Diamond traders move business to organised players")
Loose diamond traders have started approaching players in the organised sector for business dealings, due to the latter’s deeper pockets, following Rs 115 billion PNB (Punjab National Bank)–Nirav Modi-Gitanjali Gems scam.
Many medium and small diamond dealers have moved to large players seeking credit facility within the industry, as most banks have already tightened lending to diamond merchants, while other lenders are about to follow suit. India’s largest public sector bank, State Bank of India, early last week announced its decision to tighten collateral demands on borrowers from the gems and jewellery industry. A number of jewellery manufacturers and
Many medium and small diamond dealers have moved to large players seeking credit facility within the industry, as most banks have already tightened lending to diamond merchants, while other lenders are about to follow suit. India’s largest public sector bank, State Bank of India, early last week announced its decision to tighten collateral demands on borrowers from the gems and jewellery industry. A number of jewellery manufacturers and
