The absence of these two companies is expected to shrink turnover of the industry by 16% and reduce diamond and jewellery trade by 5-6%. Gitanjali Gems reported Rs 7,157 crore and Rs 10,750 crore during the same period. Being the largest jewellery retailers in the country, the two companies — Gitanjali and Nirav Modi — employed 648 and 2,200 employees respectively, according to filings in March 2017. Gitanjali Gems was present in both import-export of gold and studded jewellery, and retail jewellery business in 200 cities in India and top markets abroad.The recent development is expected to impact the export-import in value terms. Gitanjali Gems and Firestar Diamonds together accounted for 5.8% of the diamond and jewellery trade in value terms in 2015-16.

Source: Economic Times February 27, 2018 22:30 UTC