Leading diamond firm shuts shop in Surat

Facing financial woes,Classic Diamonds India Limited,a leading diamond export company listed with Diamond Trading Corporation and Bombay Stock Exchange,has shut down its unit in Surat and laid off 300-odd employees who worked there.

Written by Express News Service | Surat | Published:August 9, 2012 5:08 am

Facing financial woes,Classic Diamonds India Limited,a leading diamond export company listed with Diamond Trading Corporation and Bombay Stock Exchange (BSE),has shut down its unit in Surat and laid off 300-odd employees who worked there.

The company is in talks with lender banks to renegotiate repayment schedule and fresh finances.

In Surat,the company had a diamond cutting and polishing unit near Umiya Mata Temple at Varachha road,which was spread over 2.20 lakh square feet.

Its another unit in Mumbai continues to be operational.

Following mounting losses for the company,bankers had recently withdrawn their support in terms of working capital and export financing and asked the company to repay outstanding dues.

While the firm’s owner could not be contacted,a source said the decision to shut the unit had been communicated to BSE and DTC.

Surat Diamond Association chief Dinesh Navadia said he had not come across any complaint from workers against the firm.

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