Category Archives: India

India says the famous blue Kohinoor diamond belongs to England

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India’s government has told the country’s top court it won’t try to reclaim the 105-carat Koh-i-Noor diamond, which is now part of the British crown jewels.

Kohinoor, one of the world’s largest diamonds, has been at the centre of a diplomatic row between New Delhi and London, with India arguing for decades that it should get it back.

Kohinoor has been part of the British crown jewels for more than 150 years.But the government headed by Narendra Modi told the Supreme Court on Monday that Kohinoor was neither “forcibly taken nor stolen” by the British during colonial times, BBC reports.

The court said it’d take its time to make a decision as the verdict could “stand in the way” of future attempts to bring back items that once belonged to India.

Kohinoor has been part of the British crown jewels for more than 150 years and today forms part of a crown that was worn by the late mother of Queen Elizabeth, currently on display in the Tower of London,.

For many Indians, returning the diamond would be symbolic of India’s subjugation and a compensation for the excesses of the British during their colonial rule.

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Henry Sapiecha

H. Goldie India employee cheats many diamond companies of over Rs. 50 crore

Nirav Shah (3rd from Left) and Sharookh Kocheck (3rd from right)

Nirav Shah (3rd from Left) and Sharookh Kocheck (3rd from right)

Diamond business runs on ‘TRUST’. Here, diamond companies indulge in business worth millions on the basis of one’s market reputation and trust. There is no other guarantee needed here. And, why would need be? This is how, it works, echo many diamantaires.

It is not that there has never been breach of trust in the industry. But, diamond companies have always had mutually solved the problems in case of defaults.

This time, there has been not one but more than 30 diamond companies from Mumbai and Surat have been duped for diamonds worth Rs. 50 crore. The amount could be more than this as Diamond World is yet to get information on the exact quantum of the loss incurred.

Around 2013, Sharookh Kocheck, MD, H. Goldie (India) Ltd introduced Nirav Shah as an employee of H. Goldie India to many diamond companies in Mumbai and Surat. Nirav Shah was introduced as an employee who would conduct business in India on behalf of H. Goldie India. Till December 2014, diamonds worth crores of rupees were traded through Nirav Shah. However, in January 2015, Nirav Shah bought goods worth around Rs. 50 crore on memo from various diamond companies in Mumbai and Surat and eventually fled with the goods.

The diamond companies have filed an FIR. Even Nirav Shah was arrested but later was bailed out. Complaints to H. Goldie & Co. (UK) have released a statement saying that the ‘unauthorised transactions’ carried out by an employee of the Indian subsidiary of H. Goldie UK., viz. H. Goldie Consultants and Marketing India Pvt Ltd (“H. Goldie India”) without either the knowledge or consent of H. Goldie UK. “H. Goldie India has said that Nirav Shah is no more their employee so should not be held responsible for the business that was conducted. If this was so then why it was not made known to all the diamond companies,” said a diamond company.

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Henry Sapiecha

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Shree Ramkrishna Export staff member India absconds with rough diamonds worth Rs. 3 crore

Rough diamonds worth Rs. 3 crore were stolen from Shree Ramkrishna Exports’ Surat office. On Monday i.e. 16th March, a known staff member who has been working with SRK for the last three years, stole roughs worth Rs. 3 crore in 3 minutes in a broad daylight in the presence of 30 guards. Despite of the 825 CCTV cameras, the thief was successful in executing the theft.

The thief must have meticulously planned each and every action before carrying out theft, says police.

The thief has been identified as Sagar Ramesh Kapuriya, a 21 year old, belonging to a village called Jam Dadar from Jamkandorna Taluka in Rajkot District of Gujarat. He had been working with SRK for the last 3 years and had gained everybody’s confidence. He was referred to SRK through his uncle Jayantibhai, who is an ex-employee of SRK Surat.

On 16th March, Sagar reportedly entered company premises between 8.30 am to 9 am, which is a regular time for morning shift employees. He collected the roughs but instead of delivering them to the assorters, he left office with 2546 carats diamonds. As he did not reach the assorters as per the scheduled time, the concerned officials alerted the guards and looked through CCTV cameras. CCTV footage showed Sagar leaving office with the goods using backdoor of the company premises. As he was a known employee, even guards did not doubt his intentions.

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Henry Sapiecha

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P N Gadgil Jewellers of India sets up diamond manufacturing unit

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MUMBAI: P N Gadgil Jewellers today said it wants to scale up its diamond jewellery segment for which the company has set up a separate manufacturing unit.

“Our diamond factory, which has a capacity to produce 5,000 pieces a month, will design unique hand-made diamond jewelleries that will amalgamate with evolving market.

“This new venture is just the beginning. There’s a lot to be done,” P N Gadgil Jewellers Chairman and Managing Director Saurabh Gadgil said in a release issued here.

Gadgil diamond factory is a new business venture that will increase the diamond jewellery production by four times, he added.

“Eighty per cent of the jewellery manufactured in the diamond factory will be retailed in the domestic market and the rest 20 per cent will be exported,” Gadgil said.

It will present a variety of designs in gold jewellery with diamond settings and the designs will include exquisite handmade diamond jewellery crafted with beautiful solitaires, and diamonds in micro settings.

All diamonds used will be certified by GIA, ICI, SGL certification, justifying their standards in terms of quality.

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Henry Sapiecha

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$2.1 billion in diamonds from Russia ‘with love’ for Indian companies

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India Russia diamond pact

Twelve Indian diamond companies including Kiran Gems, Asian Star and Rosy Blue India, have signed three year contracts with ALROSA at the World Diamond Conference,

Each of the companies signed separate contracts with ALROSA and will buy rough diamonds worth USD 2.1 billion or about USD 700 million per year for a period of three years. This will assist the companies save considerable amount of commissions.

Friday 12 December, 2014

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Henry Sapiecha

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