{"id":6623,"date":"2018-02-24T13:01:26","date_gmt":"2018-02-24T13:01:26","guid":{"rendered":"https:\/\/sunkrish.com\/?p=6623"},"modified":"2018-02-24T13:02:49","modified_gmt":"2018-02-24T13:02:49","slug":"jewellery-export-council-may-cancel-firestar-gitanjali-gems-membership","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2018\/02\/24\/jewellery-export-council-may-cancel-firestar-gitanjali-gems-membership\/","title":{"rendered":"Jewellery Export Council may cancel Firestar, Gitanjali Gems\u2019 membership"},"content":{"rendered":"
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The Mumbai-based council said earlier that the Nirav Modi\/Gitanjali Gems incident is of concern to the industry and had condemned any sort of unlawful action.<\/figcaption><\/figure>\n

The Gems & Jewellery Export Promotion Council may cancel the membership of Nirav Modi, Gitanjali Gems and related companies after Punjab National Bank named them in a complaint of alleged fraud.<\/p>\n

\u201cTheir companies are registered with us. Nothing is known as of now but if something comes out, we will take disciplinary action against them,\u201d said Praveenshankar Pandya, immediate past Chairman of the council. Firestar Diamond, owned by Nirav Modi, and Gitanjali\u00a0Gems, which belongs to his uncle Mehul Choksi, are members of the council, the apex body of the gems and jewellery industry that represents almost 6,000 exporters.<\/p>\n

According to a council official, cancellation of membership can cause problems for exporters as banks and suppliers often ask for certificates and membership details. \u201cOur cancellation will reflect poorly on them in the global market,\u201d the official said. The council hasn\u2019t cancelled a membership in at least a decade, he said.<\/p>\n

The Mumbai-based council said earlier that the Nirav Modi\/Gitanjali Gems incident is of concern to the industry and had condemned any sort of unlawful action. \u201cThe council strongly believes that this incident will not have any contagion effect on the gems and jewellery export industry,\u201d it said in a statement on February 17. Pandya sought an investigation into alleged irregularities by the two companies in their bank dealings. He said small exporters were now facing difficulty in securing loans worth Rs 20-30 crore from banks.<\/p>\n

\u201cThere is a shortage of finance for small and medium diamond exporters. They are made to run from pillar to post, asked for collateral and other details like credit ratings by the banks,\u201d Pandya said. India\u2019s diamond exports stand at $23 billion with value addition in excess of $7 billion.<\/p>\n

 <\/p>\n

Source: The Economic Times<\/a><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Gems & Jewellery Export Promotion Council may cancel the membership of Nirav Modi, Gitanjali Gems and related companies after Punjab National Bank named them in a complaint of alleged fraud. \u201cTheir companies are registered with us. Nothing is known … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":6620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493],"tags":[312,310,305,319,359,393,386],"class_list":["post-6623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","tag-accounting-fraud","tag-bank","tag-economy","tag-exports","tag-mumbai","tag-non-performing-assets-npa","tag-punjab-national-bank"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/6623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=6623"}],"version-history":[{"count":2,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/6623\/revisions"}],"predecessor-version":[{"id":6625,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/6623\/revisions\/6625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/6620"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=6623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=6623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=6623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}