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RJ Market Watch

Surat: Prices of +11 Diamonds Crash After Stock From Tamil Nadu Flood Mumbai Market

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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 in Tamil Nadu. Market sources alleged that more than two lakh carats of +11 diamonds was purchased by late former chief minister of Tamil Nadu, J Jayalalitha from Mumbai’s diamond market during the demonetisation. The huge purchase by Tamil Nadu’s heavy weight politician was made by select diamond brokers and companies in Mumbai in 2016, immediately after demonetisation was announced by the Centre.

According to the rumours, 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 percent in the last few days.

Courtesy: Times of India