Surat: For diamantaires in Surat and Mumbai, getting financial institution loans will get tougher now with but another diamond corporate in Antwerp, owned by a Gujarati diamantaire, is inching closure to filing for chapter after the Belgium court lately rejected its reorganization plan.
Diamantaire Kaushik Mehta’s Eurostar Diamond Traders, owes an estimated Rs 3,500 crore ($500 million) to main lenders including ABN Amro, Standard Chartered, KBC Bank, State Bank of India among many others. Sometime ago, the corporate had additionally lost its sightholder status with De Beers owing to its financial problems. Industry resources said that Eurostar owns an office within the Bharat Diamond Bourse (BDB) in Mumbai and is a member of the gems and jewelry export promotion council (GJEPC) too. The corporate has close business members of the family in Surat and Mumbai and most of its diamond shares have been manufactured in Surat.
Last month, the corporate filed an attraction with the Antwerp court inquiring for protection from collectors. The court, on the other hand, rejected the request questioning some of its financial information presented before the court. The Antwerp Corporate court will decide on the case early April, where it will pressure the corporate to document for chapter.
Earlier, the corporate had admitted in November-2018 that its diamond shares have been value most effective $25 million, despite valuing them at $148 million in September-2018. The corporate lost the agree with of its most necessary collectors and owes them large sums of cash.
GJEPC chairman, Pramod Kumar Agarwal said that the corporate has a primary club with GJEPC, but they are but to receive official chapter proceeding details from the government of India. If the Antwerp court will order attachment of houses owned by the corporate, then it's going to be conveyed to us throughout the Indian executive.
Diamantaire Kaushik Mehta’s Eurostar Diamond Traders, owes an estimated Rs 3,500 crore ($500 million) to main lenders including ABN Amro, Standard Chartered, KBC Bank, State Bank of India among many others. Sometime ago, the corporate had additionally lost its sightholder status with De Beers owing to its financial problems. Industry resources said that Eurostar owns an office within the Bharat Diamond Bourse (BDB) in Mumbai and is a member of the gems and jewelry export promotion council (GJEPC) too. The corporate has close business members of the family in Surat and Mumbai and most of its diamond shares have been manufactured in Surat.
Last month, the corporate filed an attraction with the Antwerp court inquiring for protection from collectors. The court, on the other hand, rejected the request questioning some of its financial information presented before the court. The Antwerp Corporate court will decide on the case early April, where it will pressure the corporate to document for chapter.
Earlier, the corporate had admitted in November-2018 that its diamond shares have been value most effective $25 million, despite valuing them at $148 million in September-2018. The corporate lost the agree with of its most necessary collectors and owes them large sums of cash.
GJEPC chairman, Pramod Kumar Agarwal said that the corporate has a primary club with GJEPC, but they are but to receive official chapter proceeding details from the government of India. If the Antwerp court will order attachment of houses owned by the corporate, then it's going to be conveyed to us throughout the Indian executive.
Antwerp firm’s bankruptcy may hit lending to other diamantaires
![Antwerp firm’s bankruptcy may hit lending to other diamantaires]()
Reviewed by Kailash
on
March 23, 2019
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