There is some good news for the cash-strapped diamond industry in Surat and Mumbai. The midstream diamond and jewellery manufacturers are set to gain access to more than a billion dollars in loans from a New York-based lender.
» Two months ago, the Standard Chartered exited from diamond financing. The bank, with its reported $2 billion worth of portfolio, a majority in India and Antwerp, was reportedly caught up in the default of Winsome Diamonds and Jewellery worth Rs 6,500 crore, considered one of the biggest defaults in Indian history. »