Indian companies are in a hurry to install devices for determining synthetic diamonds in their premises, and this is not surprising, judging by how quickly synthetic stones spread in the market of natural stones.
Now, when it became clear that the Winsome group, owed a huge amount to banks, is the largest manufacturer of synthetic diamonds, the situation has not improved. Indian banks have started a forensic accounting with respect to Winsome, and government agencies are checking the history of its transactions due to non-payment of debts amounting to Rs. 65 billion. At the same time, Winsome strengthened its position as the largest manufacturer of artificial diamonds - the group has manufacturing facilities in Singapore, Malaysia and the US, the publication ET.
Regarding synthetic diamonds, Vipul Shah, chairman of the Council for the Promotion of the Export of Gemstones and Jewelery, said: "We are not against the sale of synthetic diamonds, but such stones must be appropriately certified, and consumers should fully disclose information about their origins. It is absolutely necessary to establish different import tariffs for these two types of diamonds. We tried to bring this to the attention of government agencies. "
Previously, synthetic diamonds were subject to higher duties, but a few years ago the situation changed. Although synthetic diamonds occupy a very small market share, only 0.5%, the market for synthetic diamonds is expanding rapidly.
Shah added that GJEPC and members of the diamond trade received information from several sources that the import of synthetic diamonds is growing. Periodically, synthetic diamonds appear on the market, sold under the guise of natural ones. A year ago, GJEPC attracted the consulting company AT Kearney and Bonas to conduct research on the market for synthetic diamonds. It is believed that a number of agencies have announced a large potential for growth in the market for synthetic diamonds.
The largest Indian companies and sightholders were warned about the threat of synthetic diamonds, who installed devices for recognition of synthetic diamonds in their offices. The government received the necessary information to develop a differentiated system of duties in order to avoid violations. But even after the introduction of a system of checks and balances, participants in the Indian market are closely watching the activity of the Winsome group, which was noticed in connection with the American structures regarding the trade in synthetic diamonds. The turnover of these diamonds was carried out by an American company, among whose owners was the Winsome group.
Winsome could not repay debts to banks that gave it a bank guarantee for gold imports. Winsome connects the impossibility of paying debts with the presence of receivables from overseas customers.
Recently, the media reported on the non-payment of Winsome's debts and Kroll Advisory Solutions investigation data regarding the company and its counterparties, during which it was determined that many Winsome suppliers were established on the same day, and Haytham Obidah was fully owned or had a controlling interest in these firms. Winsome could not react calmly to these reports and, in particular, sued the Israeli analyst Chaim Even-Zohar (Chaim Even-Zohar) regarding his publication on the portal Diamond Intelligence.