Diamond turnover loss seen at Rs 1K cr

“The total revenue loss estimated on a daily basis could be over Rs 1,000 crore in diamond and jewellery businesses together in these areas. As far as diamond is concerned,the loss could be over Rs 300 crore. If some traders had not shifted their businesses to the diamond bourse at Bandra-Kurla Complex,the daily loss could have been more than Rs 500 crore in diamond trade only,” a former president of Bombay Bullion Association said.

Though some small shops were open,there were very few patrons,traders said,adding that the situation is expected to be normal only by Monday.

Industry experts are of view that the revenue from the diamond industry is expected to fall by over 30 per cent per day until the normal situation prevails in these areas in the coming days.

“This unexpected tragedy is a big blow to the industry. With fears of further blasts or untoward happenings,exporters have already stopped trading for now. We want the situation to be normal and traders should resume the business as soon as possible,” Lalit Jagawat,head of Nakoda Bullion who was at the Bombay Hospital attending to one of his relatives battling for life.

“We are all together now to fight against such inhuman activities. We will meet the Chief Minister and Home Minister of the Maharashtra government. Our demand will be to shift all petty shops and all unauthorised makeshift stalls near the area and facilitate the traders to do smooth business there,” said a diamond trader.