Nirav Modi scam hits rough diamonds
5 years, 1 month ago

Nirav Modi scam hits rough diamonds

Deccan Chronicle  

Chennai: Global rough diamond sales is expected to decline 25 per cent in 2019, thanks to the challenging situation in India’s financial sector among other factors, finds a global study. Polished diamond sales too are expected to drop 10 per cent and 15 per cent by the end of 2019 because of the slowing demand for the diamond jewellery globally, lower diamond content in jewellery designs, inventory optimisation by major retailers and declining availability of finance for midstream players in India. In 2019, the US diamond jewellery retail sales are expected to fall two per cent, in contrast to three per cent growth in 2018 as consumer confidence fell to its lowest point since 2016 because of uncertainties surrounding the labour market, trade tension and a possible recession. The Chinese demand too is expected to decrease by five per cent due to yuan depreciation, declining consumer confidence due to trade tensions between the US and China and significantly lower sales in Hong Kong amid protests in the area.

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History of this topic

India becomes 2nd largest diamond market, crosses China
1 week ago

India becomes 2nd largest diamond market, crosses China

New Indian Express  

MUMBAI: Buoyed by the robust growth that has catapulted the country as the world’s second-largest diamond market overtaking China in 2024, apex trade promotion body Gem & Jewellery Export Promotion Council expects the domestic diamond industry to double by 2030 to become a $17 billion industry, while the overall gems and jewellery market will touch $130 billion by then from …

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra
1 year, 3 months ago

India's export of cut, polished diamonds may fall by 22% in FY24 on sluggish demand: Icra

The Hindu  

India's export of cut and polished diamonds is projected to decline by 22% to $17.2 billion in the current fiscal due to weakened demand from the key consuming nations, according to rating agency Icra. In the first five months of the current fiscal, cut and polished diamond exports witnessed a sharp year-on-year decline of 31% following lower export volumes and …

India asks US to release funds frozen over suspected Russia diamond link: Report
1 year, 4 months ago

India asks US to release funds frozen over suspected Russia diamond link: Report

Firstpost  

India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to their alleged trade links with sanctioned Russian diamond major Alrosa, according to a report, citing three Indian sources India has asked the United States to release $26 million belonging to at least two Indian diamond firms frozen due to …

Honour extradition treaty, don't pick holes: UK Court in Nirav Modi case
2 years, 3 months ago

Honour extradition treaty, don't pick holes: UK Court in Nirav Modi case

India Today  

The high court in London on Wednesday held that since India is a “friendly foreign power”, the UK must not pick holes in the assurances by the Indian government that Nirav Modi will be provided with adequate medical assistance. Hearing Nirav Modi’s plea against extradition to India, the court said, “India is a “friendly foreign power” and the UK must …

Gems, jewellery among Nirav Modi's Rs 250 crore assets attached by ED
2 years, 5 months ago

Gems, jewellery among Nirav Modi's Rs 250 crore assets attached by ED

India Today  

The Enforcement Directorate has attached properties, jewellery and bank balances, amounting to Rs 253.62 crore, belonging to fugitive jeweler Nirav Modi under the Prevention of Money Laundering Act. Some assets of Nirav Modi were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under …

Rough diamond imports grow after seven months as order come in
4 years, 2 months ago

Rough diamond imports grow after seven months as order come in

Deccan Chronicle  

Chennai: Rough diamond imports have witnessed positive growth in September, after a gap of seven months. The cutting and polishing industry imported Rs 9905 crore worth rough diamonds in the month of September against Rs 8231 crore worth goods in the same month last year- registering a positive growth of 20 per cent. Import of cut and polished diamonds in …

PNB scam: Fugitive diamond merchant Nirav Modi's extradition case in UK adjourned until September
4 years, 8 months ago

PNB scam: Fugitive diamond merchant Nirav Modi's extradition case in UK adjourned until September

Firstpost  

The UK court hearing the extradition case of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering amounting to an estimated $2 billion, on Thursday adjourned the trial to be resumed from 7 September London: The UK court hearing the extradition case of fugitive diamond merchant Nirav Modi, wanted in India on charges of …

Nirav Modi, aides forged diamond sales to siphon off huge funds from PNB; HSBC, audit firm questioned fugitive's deals: Probe report
4 years, 11 months ago

Nirav Modi, aides forged diamond sales to siphon off huge funds from PNB; HSBC, audit firm questioned fugitive's deals: Probe report

Firstpost  

New Delhi: Hundreds of crores of rupees illegally siphoned off from Punjab National Bank were being channelised from one account to another by fugitive dimantaire Nirav Modi and his close associates. The first bank that raised the issue was HSBC and it was followed by an audit firm namely Manish Modi & Associates which questioned the huge transactions without selling …

Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam
5 years, 6 months ago

Bankers want jewellery industry to become more transparent, compliant to regain trust after Nirav Modi, Mehul Choksi scam

Firstpost  

Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry. Mumbai: Bankers are not averse to financing the gems and jewellery businesses, however, they feel that the industry needs to become more organised, transparent and compliant to regain trust. “Incidents like the Nirav Modi and Gitanjali Gems have broken down …

Exclusive: Count for Nirav Modi's arrest begins, warrant issued by UK court
5 years, 9 months ago

Exclusive: Count for Nirav Modi's arrest begins, warrant issued by UK court

India Today  

Diamantaire Nirav Modi, who was recently spotted on the streets of London is all set to arrested by the London authorities. Earlier this month, Nirav Modi was spotted roaming the streets of London sporting a handlebar moustache with full face beard and an Ostrich skin jacket worth almost Rs 10 lakh. The intelligence agencies along with ED and CBI are …

Nirav Modi has new diamond business in London: Report
5 years, 10 months ago

Nirav Modi has new diamond business in London: Report

The Quint  

New Delhi, March 9 Nirav Modi, the Indian diamantaire wanted in a multi-crore bank fraud, is living in a swanky Rs 75-crore flat in a posh London locality and has a flourishing new diamond business, a UK daily reported on Saturday. Accused in the Rs 13,500 crore Punjab National Bank fraud case, Nirav Modi is living openly at a three-bedroom …

PNB fraud: Nirav Modi's assets, valuables worth Rs 255 cr seized by Enforcement Directorate in Hong Kong
6 years, 2 months ago

PNB fraud: Nirav Modi's assets, valuables worth Rs 255 cr seized by Enforcement Directorate in Hong Kong

Firstpost  

Earlier, on 30 September, the ED had attached assets worth Rs 637 crore of Modi and his family, including two apartments in New York’s iconic central park, as part of its fresh action in the $2 billion alleged bank fraud in the PNB. The Enforcement Directorate has attached absconding jeweller Nirav Modi’s assets and valuable worth Rs 255 crore in …

PNB fraud: US bankruptcy examiner unravels Nirav Modi’s sham business deals through fraudulent LoUs
6 years, 4 months ago

PNB fraud: US bankruptcy examiner unravels Nirav Modi’s sham business deals through fraudulent LoUs

Firstpost  

The US examiner has obtained evidence of a number of transactions that appear to constitute round-tripping of loose diamonds among the Firestar global entities and the shell companies floated by Nirav Modi. The document recovered from Modi’s man Friday Mihir Bhansali by US bankruptcy examiner John J Carney and his team contains business transactions between Modi-owned Firestar Diamond International and …

PNB scam : Jewellers find availing funds from banks a challenge after Nirav Modi, Mehul Choksi fraud
6 years, 5 months ago

PNB scam : Jewellers find availing funds from banks a challenge after Nirav Modi, Mehul Choksi fraud

Firstpost  

Nirav Modi and Choksi are being investigated by the Enforcement Directorate for allegedly cheating Punjab National Bank, the country’s second largest lender, to the tune of more than $2 billion or over Rs 13,000 crore. Chennai: Jewellers are facing challenges in availing funds from banks following the PNB fraud case in which diamond traders Nirav Modi and his uncle Mehul …

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