Banks Withdraw Financing from Classic Diamonds

Classic Diamonds, a former Diamond Trading Co. sightholder that is publicly traded in India, told the Bombay Stock Exchange that its banks have pulled the company’s financing. 

“The consortium of bankers which had granted various working capital and export facilities have withdrawn those facilities,” the Aug. 6 notice said. “The company is in the process of negotiation with the banks.”

Classic Diamonds further added that the banks “are covered by ways of mortgage and various properties/assets.”

The company also said it had closed its factory in Mumbai’s SEEPZ special economic zone. The company announced in February it had closed its Surat factory after “surrendering” its DTC sight. 

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JCK News Director