Reports of Bankruptcy by Indian Diamond Firm
January 08, 08
An Indian diamond firm is reportedly facing bankruptcy. According to sources in the market, the firm owes some $36 million dollars to various suppliers, and probably to local banks as well.
The company declined to comment.
The news comes as the Indian diamond industry is facing tough times. India’s exporters rely heavily on the U.S. market, which has been weak this past holiday season.
Coupled with a declining dollar and extended credit lines, the market has been expressing grave concern for the ability of some companies to survive.