Economic times reported Prices of the +11 diamond size manufactured by the small and medium diamantaires in the Surat world’s largest diamond cutting and polishing centre has crashed by nearly 30% in the last two days after the diamond brokers in Mumbai were flooded with the fresh stocks from few brokers in Tamil Nadu.
Market sources alleged that more than two lakh carats of +11 diamonds was purchased by Admk Ministers who been under the guidance of late former chief minister of Tamil Nadu, J Jayalalitha from Mumbai’s diamond market during the demonetisation.
However the critics of this report has said J.Jayalalitha was sick during Sept 21 and bed ridden until she died on 5th dec 2016 that is during the pre and post phase of demonetisation
Tamil Investigation famous daily nakkeran reported lot of physical movements of trucks happened inside Jayalalitha Boes garden residence during that period and also post Jayalalitha death the theft and murder of security guard inside Jayalalitha Iron curtailed Koda nadu Estate in Ooty has become talk of the town after Mathews Exposed the murder link to sitting ADMK Chief Minister Edappadi Palanisamy
Read also : 5 Mysterious Kodanad Estate Death Leaks Knocks ADMK CM Palanisamy Base
Economic times categorically disclosed huge purchase by Tamil Nadu’s heavy weight ruling politicians was made by select diamond brokers and companies in Mumbai in 2016, immediately after demonetisation was announced by the Centre.
According to ET , after the death of Jayalalitha, few of her close confidantes have flooded Mumbai’s diamond market with over one lakh carat of +11 diamond quality, bringing the prices down by almost 30% in the last few days.
A diamond broker from Mumbai who is privy to the development said, “The diamond market is very cautious after the Brexit and economic situations prevailing in US and China. The prices of polished diamonds have crashed and now the market is flooded with +11 diamond stock from Tamil Nadu, further decreasing the prices by almost 30%.”
He added, “The +11 diamond stocks were purchased at an X value in 2016, but now the brokers are selling it of at lower price. This has led to the situation where the diamantaires are worried about the price war and the possible impact on the market in the coming days.”
Meghji Bhalala, a diamond broker in Surat’s Mahidhapura diamond market said, “+11 diamond size is the most popular diamond in the market. Surat has the specialisation of manufacturing this type of diamonds, mostly used in the jewellery articles. If such a huge quantity is flooded in the market for sale, it is certainly going to crash the prices.”
President of Surat Diamond Association (SDA), Babu Gujarati said, “Wealthy people in the country have used diamonds during the demonetisation to turn their black income into long term investment. There have been instance where the diamond brokers have sold high quality diamonds to many politicians during the demonetisation. This is the classic example where more than 2 lakh carat of diamond was sold to the top politician from Tamil Nadu and now they are up for sale in Mumbai, crashing the prices in the local market.”
Social media buzz with activities and claim various accounts from 30000 crores to 300000 crores worth of diamonds been pushed to Gujarat and Mumbai market by ruling ADMK establishments who has allied with BJP in the ongoing 2019 General Elections
