Rosy Blue Group Has Not Defaulted On Any Bank Loan: Russell Mehta

Rosy Blue Group, one of the world's largest diamond jewellery companies, today said it has not defaulted on any bank loan and is not being prosecuted in any default case.

Rosy Blue (India) Managing Director Russell Mehta said the group has a clean credit history with no instance of default.

The group, he said, "is an extremely reputed group of diamond traders and is highly respected within the industry."

"The group has a clean credit history and at no instance has any of its entity defaulted on any bank credit availed by it," he said in a statement.

The statement came in response to Congress leader Anand Sharma's allegation last month that Prime Minister Narendra Modi "helped and facilitated" signing of diamond purchase agreements between 12 Indian firms and Al Roza Group of Russia.

Mehta said it is incorrect and defamatory to state that Rosy Blue Group is being prosecuted for defrauding banks.

"We explicitly deny that any such proceedings are pending or have ever been initiated against us," he said adding the statement about Rosy Blue Group being prosecuted is "incorrect, baseless, defamatory and hence, denied."