“Most of us would close down for Diwali on October 30 and return only after November 12. We usually do roaring sales ahead of Diwali and finish with our export orders before proceeding for holidays. Now it will be almost impossible to do anything,” he added. I-T raids are not uncommon to this industry. Nevertheless this year it is too close to Diwali and “most of us are stocked up”. Unlike other days, the streets of Opera House have been less crowded with cops patrolling around.

Pancharatna was the first building to be raided and thereafter diamantaires have played it safe. Prasad Chambers and Shreeji Arcade have done no business for the last two days. Even though some offices are open, “we have kept the assorting staff away and working with minimum staff”. “We were stocked up for the Diwali season and had big orders. But are unable to do anything with I-T official ‘doing their job’,” said a reliable person who did not want to be named.

I-T raids in Opera House hits diamond trade
THIRD day on, the Opera House area of Mumbai, where most of India’s diamond transactions take place, wore a desolate look with more than 50% of the offices pulling down shutters. The peak business season in the Indian diamond industry saw very less transaction in the last couple of days with Income-Tax officials calling raids on several offices in Pancharatna, Prasad Chambers and Shreeji Arcade.