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Over dozen diamond firms get ED notices

The Enforcement Directorate (ED) has issued notices to over 18 companies including some Mumbai-based diamond companies in connection with the alleged overvaluation scam where the rough diamond prices were allegedly overvalued by more than 15 time by the firms.

Sources close to the development said that the intelligence agency is likely to carry out search operation in the diamond units involved in the alleged scam in Surat and Mumbai soon.


Sources said that the ED will also be investigating the hawala angle into the misdeclaration case involving the diamond company based in Mumbai, where the valuers inflated price of the precious stones brought into the country and may have used this route to transfer black money out of the country.

A firm owned by a Gujarati diamond baron has come under the scanner of the customs department in April and that a seizure memo was issued under section 110 of Customs Act, 1962 for the rough diamond imported at the Precious Cargo Customs Clearance Centre (PCCCC), Mumbai port.

According to the customs documents obtained by TOI, the department has confiscated rough diamond stock worth over $35 million under section 111 of the Customs Act, 1962.

The department has also served notices to more than 12 diamond companies in Surat and Mumbai who were sold rough diamonds by the Mumbai-based company. They have been asked to submit details on the prices at which they had purchased the rough diamonds and the quantity involved. Also, the department has sought details of the rough diamond sales of last five years from the companies based in Surat and Mumbai.

Industry insiders said that the issue with the diamond company is going on since last four months. After the miss declaration of rough diamonds unearthed in March 2019, the customs department had issued office note stating that diamantaires importing rough diamond imported in the country from the Mumbai port will have to furnish all the details including prices, quality of diamonds, carat, colour, size etc.

Courtesy - Times of India

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