15 December 2017
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LOAN DEFAULTS BY INDIAN DIAMOND COMPANIES
31 August 2017
Media reports indicate that two Indian-owned diamond companies, identified as Interjewels Pvt Ltd. and Ankur Diamonds, have gone bankrupt, leaving unpaid bank loans and other debt to creditors totaling around US$140 million (Rs 900 crore).

The Times of India (TOI) reports that its sources say Interjewels owes as much as US$125 million (Rs 800 crore) to banks and private lenders, while Ankur Diamonds is in debt of over US$15 million (Rs 100 crore). Ankur Diamonds has reportedly filed for bankruptcy in a Belgian court after the owners were unable to repay the bank loans.

Bank officials have apparently confirmed to the Mumbai Mirror that the lending consortium had taken a decision to stop extending credit to Interjewels. The news source notes that, according to its sources, "members from the consortium visited Interjewels' office at the BKC Diamond Bourse to examine and take stock of the situation. According to a banker, Choksi has offered to settle up to 60 per cent of the money he owes to the consortium."

Interjewels head Hemal Choksi is quoted by the news source insisting that the company was "in fine fettle".
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