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Mehul Choksi And Nirav Modi Sold Overpriced And Fake Diamonds?

The allegation has been made by Hardik Hundiya, a diamond expert who claims of experiencing problems due to the jewellery sold under these big brands in question.

Chaitanya Mangure | News18.com

Updated:February 24, 2018, 7:19 PM IST
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Mehul Choksi And Nirav Modi Sold Overpriced And Fake Diamonds?
A former managing director of Mehul Choksi's firm, Santosh Srivastava, alleged that a large quantity of diamonds sold by Choksi's brands were lab produced with high prices that were nowhere close to the price at which it was sold to the customers. Image for representation only)
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New Delhi: In yet another big expose about Nirav Modi and Mehul Choksi, a diamond expert in Mumbai has claimed that the diamond jewellery sold under the brand names of Gitanjali Gems and several other firms owned by the two was substandard and fake.

The allegation has been made by Hardik Hundiya, a diamond expert who claims of experiencing problems due to the jewellery sold under these big brands in question.

"Once a person known to me wanted to sell diamond jewellery that was bought from Gitanjali, when he came to me I took him to a lab to test the jewellery. We were shocked to see the results, as the jewellery purchased was priced at Rs 5 lakh but in actual its value was mere Rs 25, 000."

Hundiya also raised doubts about the jewellery seized by agencies from the showrooms of Nirav Modi and Gitanjali, he said "it is difficult to recover even fifty present of the estimated book value of the seized jewellery after selling it."

That's not all, Hardik Hundiya also said that fake certificates of jewellery were also given to customers to win their trust.

However, Hardik is not the first person to question the quality of jewellery sold by Nirav and his Uncle Mehul Choksi's brands. Many people from different parts of the country who purchased diamond jewelry from these brands have voiced their concern in the recent days.

A former managing director of Mehul Choksi's firm, Santosh Srivastava, alleged that a large quantity of diamonds sold by Choksi's brands were lab produced with high prices that were nowhere close to the price at which it was sold to the customers.

After the PNB scam came to light, Enforcement Directorate conducted search operations at various locations in the country and seized large stocks of gold, diamonds and precious jewellery worth book value of Rs 5649 Crore. After the shocking allegations of substandard jewellery sold by these firms, it remains to be seen as to what is the actual amount of the jewellery seized by the agency.
| Edited by: Bijaya Das
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