What was Jatin Mehta Scam? – Are Diamonds Really Forever?
Learn more about the Jatin Mehta Scam: It is commonly stated that under extreme pressure, carbon transforms into a diamond. The same cannot be said for Jatin Mehta, who, like a fake diamond, cracked under pressure following the revelation of the scam he was accused of in 2012.
The Winsome Diamond Company scam is only the third, and it has nothing to do with diamond production. Following the scandals involving Vijay Mallya's Kingfisher Airlines and Nirav Modi's PNB, Jatin Mehta's company is the third largest Indian defaulting company. Before we get into the Jatin Mehta Scam, it's important to understand who Jatin Mehta was. Jatin Mehta: Who Is He?
Jatin Mehta founded India's first publicly traded diamond trading company, Su-Raj Diamonds Limited, in 1985. His family has been involved in the diamond business since the 1960s, which inspired him to start his own.
He attended Mumbai's Hill Grange High School before pursuing his Bachelor of Commerce at Hassaram Rijhumal College of Commerce and Economics. Following his education, his interests shifted to trading, which led him to start Su-Raj Diamonds, a diamond trading company.
He rose to prominence as a result of the company's success, which he led for fourteen years. And he was successful, receiving accolades such as Diamantaire Of The Year. Jatin Mehta's Business Expansion
Jatin Mehta established two companies to expand his own diamond business after a successful career at Su-Raj: Winsome Diamond Company and Forever Diamonds. Yes, Forever Diamonds used to place advertisements on the front pages of newspapers.
Jatin Mehta exported diamonds to countries such as the UAE through Winsome Diamonds in the early 2000s. The business model was straightforward but effective.
One company would import uncut diamonds from abroad to India, where they would be polished, cut, and imported to the UAE. Their profit margin would be the price difference between raw diamonds and polished, finished diamond jewellery.
