A diamond trader with business operations in Mumbai has defaulted on payments worth over Rs 50 crore, reports say. The trader was operating out of Bharat Diamond Bourse (BDB) at the Bandra-Kurla Complex (BKC) in Mumbai.

According to media reports, the defaulter is from Rajasthan and engaged in diamond trading of small diamonds in Mumbai, since many years. He purchased maximum of the diamonds from small and medium diamond manufacturers from Mahidharpura and Varachha in Surat city. The case is currently being studied, and details of the merchants who have lost the money is being verified, reports say.