Court Ruling Puts India’s Diamond Giant back on the Right Track

Winsome Diamonds and Jewellery Limited recently announced it will receive payment from two of its largest creditors in the UAE. Winsome, an international jewellery group based in India, has been in the news as of late regarding a number of unpaid debts. However, a recent ruling by the Sharjah court will require Al Razin Jewellery FZE and Al Faheem Jewellery FZE to pay back the money they owe Winsome; the equivalent of USD $27.23 million plus 5 percent interest. These funds will go towards helping Winsome repay the total RS 6,800 crore it owes various banks.  

Winsome Diamonds and Jewellery Limited was originally founded in 1985 by international jewellery dealer Jatin Mehta, under the name Su-Raj Diamonds (India). In the 1980’s, the Indian diamond market consisted of small family owned businesses with little growth potential. Mehta had a vision of a corporatized industry which could raise enough money to fuel its own growth and help to support India’s total economy. A year after founding Su-Raj, he put the company stock up for sale, making it the first publicly funded diamond company in India, which starting a trend throughout the industry. Su-Raj, later renamed Winsome, has since expanded into an international organisation with a presence in countries such as Belgium, the United States, Thailand and Hong Kong. Mehta remained active as the company’s chairman until 2011 when he left to found a company in the UAE; Pride Jewellery FZE.  


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Working With Different Types of Jewellery

Su-Raj Diamonds originally specialised only in diamonds but rapid expansion has diversified operation into all areas of jewellery production and marketing. In 2002, the company’s name was changed from Su-Raj Diamonds to Su-Raj Diamonds and Jewellery Limited to reflect this. By 2012, the Su-Raj Group had adopted another title, Winsome Diamonds and Jewellery Limited. Winsome’s current operation includes the manufacturing and export of all types of jewellery, both plain or studded with diamonds and other precious gems, as well as the production and export of unset, polished diamonds.  

Diamond Production

Winsome’s diamond operation is based in four modern and up-to-date facilities capable of manufacturing all variants of diamonds to precise quality specifications. State of the art machinery ensures that every diamond produced adheres to international standards and puts the company at the forefront of the diamond production industry. Winsome diamonds can satisfy every consumer need, from tiny 0.005 point stones all the way up to impressive 3 carat rocks. Princess diamonds are produced in various colours with qualities ranging from IF to I3.

After production, rough diamonds are cut and polished in a highly specified process that requires great accuracy. Staff at Winsome have excellent training and supervision and are skilled in the delicate art of diamond cutting to produce the optimal shape, whilst at the same time minimising waste. Each finished stone conforms to the highest industry specifications as well as the specific needs of its future owner.  



Jewellery

In addition to diamonds, Winsome produces a wide range of gold, silver and platinum jewellery. The company employs the time honoured ‘Lost Wax Process’ to create detailed gold alloy casing for some of its most precious gems. The ‘Lost Wax’ metal casting process (also called cire-perdue) has changed little since the 3rd millennium BCE. A wax model of the desired shape is used to create a mould which can shape the molten metal. Once the metal is formed, the melted wax can be easily drained off, leaving jewellery shaped perfectly to the minutest detail. In some cases, a heat resistant core is used to hold the internal area and create a hollow shape where diamonds or other precious gem will eventually be set. Like its diamond facilities, Winsome’s jewellery manufacturing centres rank as some of the best in the world, easily putting India’s capacity on par with the US and countries in Europe.  

Towards the Future

Over its thirty plus years of operation, Winsome Diamonds and Jewellery has fulfilled Jatin Mehta’s original mission of becoming one of the leading global jewellery conglomerates with a well-earned reputation for quality products and impeccable ethics. By 1995, after ten years of operation, Su-Raj was named the largest exporter of cut and polished diamonds in India. In 2003, after expanding operation into jewellery, the company was ranked 29th amongst foreign exchange earners. Winsome has grown into a first-class jewellery manufacturer with ‘Premier Trading House’ status and has become one of the most trusted international names. In the past few years, Winsome has faced financial issues as a result of its debts but the recent ruling suggests a turn for the better. The company has previously named thirteen large non-payers in the UAE. With two of these now legally required to refund the money they owe, Winsome will be able to start paying off its own debts and focus once more on its mission to produce high quality jewellery for people all over the world.