Indian Diamond Traders Fight Back Against Fly-by-night Operators

Indian diamond dealers in Surat are examining how to respond to ‘fly-by-night operators’, according to a report on Diamond Intelligence, citing local media reports of efforts to reduce payment defaults in the country’s diamond sector.

The prospect of closing the rough diamond and polished diamond trading markets at 7pm has been approved by diamond dealers in two areas of the city, according to Indian media reports.

“Most of the traders operate till late hours, thus attracting fly-by-night operators. As for the security reason, the late night operations attract robbers and other miscreants as well. The safe deposit vaults in the markets shut shops in the evening.

However, the valuable stocks received by the traders during the late night dealing remains in the office locker, which is very unsafe,” President of Surat Diamond Association Dinesh Navadiya told The Times of India.