Surat: A diamond manufacturer from Katargam defaulted on payments to the tune of over Rs 10 crore to the merchants on Thursday.Market sources said that the diamond manufacturer was running a unit at Nandu Doshi ni Wadi in Katargam. He had not opened his unit since last few days. When creditors rushed to the trader's unit they found it closed on Thursday.Sources said that the defaulter had purchased rough diamonds from around 35 traders in the market and had promised payment on different credit terms."We have received information on the default by a manufacturer in Katargam. Around 35 traders have lost their money in the default," said an office-bearer of Surat Diamond Association (SDA).Post-GST, the diamond industry has witnessed defaults to the tune of over Rs 500 crore. Last month, two traders had defaulted on Rs 100 crore and Rs 150 crore respectively.In Mumbai, two diamond companies namely InterJewel Private Limited and Ankur Diamonds defaulted on the payments to the banks and creditors to the tune of Rs 900 crore.

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