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After Goodwin default, IBJA calls for ban on jewellers' deposit schemes

Other industry players oppose the proposal for a ban, say such a move would render thousands unemployed

After Goodwin default, IBJA calls for ban on jewellers’ deposit schemes

Dilip Kumar Jha Mumbai
Less than two years after the Punjab National Bank (PNB)-Nirav Modi/Mehul Choksi scam rocked the entire jewellery industry, Kerala-based Goodwin Group’s default in redemption of jewellery schemes ahead of Diwali has again jolted investors and the jewellery industry.
Having started as a small jewellery manufacturing unit in Thrissur in 1992, the Goodwin group gradually entered into jewellery wholesale, and then retail business. The group entered the Mumbai market in 2004 and steadily expanded across Maharashtra with its jewellery retail shops, mostly through owned and franchise routes.
With money of thousands of depositors in its schemes, the group shut

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First Published: Oct 28 2019 | 7:00 PM IST

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