Clarifying earlier media reports, the Surat Diamond Association (SDA) President C.P. Vanani said that Surat’s diamond traders were not in a fray to default in their payments by up to Rs.100 crore ($25.4 million) before Diwali. According to published reports, Surat has witnessed 40 to 45 defaults worth Rs.50 crore ($12.7 million) during the last two months. According to Vanani, the default value is expected to be between Rs.20 lakh and Rs.1.5 crore ($50,767 and $380,758), and SDA was working to solve the problem.