Mumbai serial blasts: Diamond merchants fear loss of business

Were Gujarati diamond traders the target of Wednesday’s blast at Opera House, India’s largest diamond trading hub? The Indian Mujahideen, the terror outfit suspected to be behind the blasts, has often sworn revenge for the 2002 Gujarat riots.

The terrorists also struck in Zaveri Bazaar, which is home to many jewellery shops. The multiple blasts has sent shockwaves through the Surat-based diamond industry. It is now wary of the likely loss of business because of the strike.

“We are shocked by the serial bomb blasts. The terrorists have struck at the heart of Mumbai’s economy by targeting the diamond industry,” Chandrakant Sanghavi, a leading diamond merchant, said.

“The attack took place at a time when the whole area was crowded. The death toll is not very high at the moment, but many people have been injured in the blast. The death toll could go up,” said Rasik Shah, a diamond broker in Mumbai.

Sanjay Kothari, former chairman of the Gem and Jewellery Export Promotion Council, however, said he did not think that the diamond industry was the target. “In my opinion, the terrorists struck near the diamond market as the place is crowded during evenings, and they would have wanted maximum casualties,” he said.

Dinesh Navadia, president of the Surat Diamond Association, said that Gujaratis were among those injured in the serial blasts. “But we are yet to ascertain if any of the deceased are Gujaratis connected with the diamond industry,” he said.

Pravin Nanavati, former president of the Surat Diamond Association, said that the attack could hit the diamond trade. “Foreign buyers in particular will be wary of travelling to Mumbai in the near future. This will hit diamond sales. But it will just be a temporary setback,” said Nanavati.