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Betting on cricket matches triggered defaults in Surat

03 july 2014

Recently, at least nine diamond traders operating in Mahidharpura and Varachha diamond markets have defaulted on payments to the tune of Rs 25 crore to merchants and manufacturers. The defaulters are said to have lost huge amounts in cricket betting on IPL matches.
This has been confirmed by Surat Diamond Association (SDA).
According to SDA, the total default in June 2013 was in the range of Rs 500 crore. Ninety-five per cent of cases were related to IPL cricket betting. SDA office-bearers believe the total amount of default on payments could cross Rs 600 crore by June-end this year.
SDA president Dinesh Navadia said, "IPL betting has become a pastime for some in the diamond industry. The money the traders bet on teams and players is meant to make payments to diamond manufacturers and rough diamond dealers."
The payment terms in the diamond industry are fixed between 30 and 90 days. For the big purchases, sometimes the credit limit increases to 120 days. The traders utilize the credit period to divert their money to other fields to earn profits.
Diamantaires now fear increase in payment default cases in the diamond markets by those who have lost huge amount in cricket betting.

Aruna Gaitonde, Rough&Polished correspondent in India