Surat Special Economic Zone

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Exports

2016>19: decline, 58% after Nirav, Choksi exit

Melvyn Thomas & Kalpesh Damor, April 28, 2019: The Times of India

Surat SEZ takes 58% hit after Nirav, Choksi exit

Surat/Ahmedabad:

Even as diamonds, gems and jewellery exports from the special economic zones (SEZs) across India registered a handsome growth, Surat Special Economic Zone (SurSEZ) witnessed a drastic fall of 58% in 2018-19. The dismal performance of India’s first private sector SEZ at Sachin in the Diamond City has been attributed to exit of fugitive diamantaire Nirav Modi and his uncle Mehul Choksi from the Indian market.

Physical exports from SurSEZ dropped to just Rs 6,774 crore in 2018-19 from Rs 16,166 crore in 2017-18. The exporters were even higher at Rs 20,479 crore in 2016-17, shows data posted on the website of Kandla Special Economic Zone.

“Nirav Modi and Mehul Choksi are responsible for the decline in exports from Surat SEZ. Modi was operating five gems and jewellery units, while Choksi had few units there. Majority of the export contribution came from Modi’s units,” said Colin Shah, vice-chairman, Gems and Jewellery Export Promotion Council. The uncle-nephew duo fled India in early 2018 after the Punjab National Bank scam was unearthed.

The low-quality diamonds and lab-grown diamonds were supplied in exchange of rough diamonds imported by Modi’s Firestar diamonds from Russia and Australia to Modi’s jewellery units located SurSEZ.

Rough diamonds imported in the SEZ were allegedly over-invoiced to get more funds from the banks. “Modi and Choksi contributed around 70% of the total gems and jewellery exports from SurSEZ,” said Ajay Sharma, deputy chief executive officer of Diamonds and Gem Development Corporation (DGDC), the developer of SurSEZ. On the contrary, the export of gems and jewellery as well as diamonds from SEZs across India soared 53% in 2018-19.