Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...


GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

RBI writes off over $8920 mln loans, Mehul Choksi among 50 top wilful defaulters: RTI

28 april 2020
The Reserve Bank of India (RBI) has admitted to writing off a staggering amount of around $ 8920 mln due from 50 Top Wilful Defaulters, including absconding diamantaire Mehul Choksi, according to a reply under RTI and reported by the media.
RTI stands for ‘Right to Information’. It is a fundamental right under Article 19(1) of the Constitution. Prominent RTI activist Saket Gokhale had filed an RTI query seeking details of the 50 Top Wilful Defaulters and the status of their current loans till February 16.
The RBI's Central Public Information Officer Abhay Kumar provided the replies on Saturday (April 24), with several startling revelations in the 'diamond-studded list'.
Topping the list is Choksi's scam-hit company, Gitanjali Gems Limited which owed about $ 720.36 mln besides other group companies, Gili India Ltd. and Nakshatra Brands Ltd. which had taken loans of around $190 mln and around $ 145.46 mln respectively. Choksi is currently a citizen of Antigua & Barbados Isles, while his nephew and another absconder diamond trader Nirav Modi is in London.
Another in the list is absconding diamantaire Jatin Mehta's company Winsome Diamonds & Jewellery owing $ 534.63 mln,  which is being probed by the Central Bureau of Investigation for various bank frauds.
Harish R. Mehta's Ahmedabad-based Forever Precious Jewellery & Diamonds Pvt. Ltd. $257.35 mln is another willful defaulter from the Indian gem & Jewellery industry.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished