''India is a world leader in the diamond cutting and polishing industry, which employs a large number of skilled workers,'' Union Finance Minister Nirmala Sitharaman said in her budget speech.
The jewellery retailer’s IPO comprises fresh issue of equity shares worth ₹270 crore and an offer for sale of shares worth ₹135 crore by an existing shareholder.
The value of pearls imports being much higher than the value of global production of pearls suggests trade mis-invoicing and round-tripping of funds, says CAG.
Consumers are asking questions about the origin of diamonds — whether they have been ethically mined, however, they are not willing to pay a premium for ethics and sustainability.