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Moneycontrol.com >> Message Board >> View Messages >> Internet
   You are here :     Moneycontrol     MMB      General      Internet
Bankruptcy (1)   01-Jul-08 07:42Tracked by (0)  
Posted by:   stox & more on ( 01-Jul-08 07:42 )
Indian diamond exporters are feared to have suffered a hit of up to Rs 1,500 crore in the last few months, with at least half a dozen US-based jewellery firms filing for bankruptcy. These Indian firms are struggling to recover their payments, as US is the one of the largest importers of diamond jewellery. The US is the largest importer of Indian jewellery, accounting for more than 25% of the total Indian exports

Last week, Chicago-based Whitehall Jewellers Holdings declared bankruptcy, putting a number of Indian diamond traders in a soup. Industry estimates that at least Rs 300 crore of payments would be stuck till the company finds a suitable buyer for its assets. Another jewellery firm, OTC International, filed for bankruptcy in May.

Jewellery retailer Fortunoff, did the same in January, while Friedman’s jewellers met a similar fate in March. Last year, one of the largest importers of Indian cut and polished diamonds, Fabrikant & Sons has filed for Chapter 11 protection in US.
The gem and jewellery exports from India for the financial year 2007-08 stood at $20.9 billion, up over 22% from previous year, according to GJEPC. However, the growth was more in value-terms than volume terms as the price of all precious metals, and gems are higher.


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