Sightholder JB Diamonds Defaults on $180 Million Loan

(IDEX Online News) - A group of 12 banks led by the State Bank of India (SBI) met on Wednesday with leaders of the Indian diamond industry asking for help and possible actions against JB Diamonds Ltd. According to the banks, JB Diamonds defaulted on a $180 million loan.

SBI, the lead bank in a consortium of 12 banks that lent the money has confirmed the report to IDEX Online. According to the bank, JB Diamonds has been put down as a Non Performing Asset in their books.

The consortium told the Gem & Jewellery Export Promotion Council (GJEPC) JB Diamonds, a DTC Sightholder, borrowed the money two years ago and currently owes them 8 billion rupees.

The GJEPC, the roof organization of India’s diamond and jewelry industry, offered the banks to meet with JB Diamonds and see if they can help.

Suresh Kukreja, who identified as a director of the company, told IDEX Online “The news reports are not true. It’s only rumors.”