There are around 6,500 diamond manufacturers of which Palanpuri Jains operate a mere 6 per cent, or around 400 companies. But they stand out for being highly interlinked through blood ties.
In a 7-page letter Choksi said, he was being threatened by the individuals with whom he has business relationship and due to the seizure of his assets, his employees, customers and creditors have started to show animosity towards him.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Culinary legend Satish Arora hangs up his apron after almost 5 decades of service at the Taj group of hotels.
Siva Sankar looks at S P Balasubrahmanyam's fantastic repertoire.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
Only three or four tonnes is estimated to have been mobilised under the scheme.
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
The problem is actually acute in the diamond jewellery industry where there is no uniform criteria of inventory valuation unlike gold, whose prices are uniform and widely quoted.
The country's franchise industry is estimated at $24 billion with a year-on-year growth of 30 per cent.
No one knows where billionaire Nirav Modi emerged from. What is known is that when he came (back) to India, he cut his teeth in the diamond business under the tutelage of his jeweller uncle. Then he began to build a glittering international brand. Soon even Hollywood stars like Kate Winslet and Dakota Johnson were walking the red carpet showing off Nirav Modi jewels.
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Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
'Irrespective of the price movement of gold, customers can lock in their purchase at Rs 28,000 per 10 grams of pure gold.'
Recipes by Chef M A Sayyad at the Ranbanka Palace.
The jewellery industry has welcomed the government's decision to ban old Rs 500 and Rs 1,000 notes, saying gold demand will rise as people will have more faith in the precious metal than the currency notes. But the unorganised builders and secondary (resale) property market would be adversely impacted.
'The relationship between Victoria and Tagore was one of mutual admiration and respect.'
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
"Guide to looting India by Nirav Modi - - 1) Hug PM Modi 2) Be seen with him in Davos. Use that clout to: A) Steal 12,000 crore B) Slip out of the country like Mallya, while the government looks the other way," Congress chief Rahul Gandhi tweeted.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
TCS, Bajaj Auto, Adani Ports and Cipla were the top gainers on BSE Sensex while Coal India, GAIL, Dr Reddy's and Infosys lost the most on the index.
An eyewitness travelling in the train claimed some passengers suffered minor injuries.
The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
The government will unveil the Consumer Price Index data and the Wholesale Price Index data for August on Monday.
Indian jewellers such as Gitanjali Gems, Malabar Gold and Kalyan Jewellers have opened stores abroad to limit the slump in sales.
Broader markers outperformed their larger peers.
Stocks to watch: Videocon, Blue Star, Hitachi, MIRC Electronics, BPL, Whirlpool, Gitanjali, Titan Group
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
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