21 Mumbai-Gujarat based diamond jewellers sent to jail in China

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21 Mumbai-Gujarat based diamond jewellers sent to jail in China

China did a huge crackdown on illegal diamond sale and purchase business being carried out by some diamond merchants based mostly in Gujarat. The crackdown is said to be the result of a two month long operation done by the Chinese.

News reports suggest that the modus-operandi of these business owners was quite simple. They used to smuggle diamonds out of India in to China through several channels. Once inside China, the diamonds were sold to local merchants in return of cash. The local diamonds then created jewelery out of it and sold them in Chinese market as legitimate sales. The business was mostly carried towards the city of Shenzhen.

The illegal trade is being said to be worth over Rs. 1000 crore. It’s being said that some of the most well known firms from mumbai and Surat were involved in this practice to evade taxes and make quick money. The Chinese Govt started the operation to track the illegal trade two months back and since then was keeping track of conversations, getting info from buyers and collecting supporting documents.

The Indians arrested in China are now trying to contact the Indian embassy in Beijing and consulate in Guangzhou. India is also seeking access to the 21 detained traiders and expects to get it on Wednesday.

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