India diamond cutters losing millions on cricket betting

    An increasing number of Indian diamond cutters are defaulting on payments after losing millions of dollars gambling on cricket, trade paper Rough and Polished reported, citing The Surat Diamond Association.
    According to estimates, the diamond producers may have defaulted on payments of as much as $84 million in June alone, with the figure for the first half likely to be about $100 million. The report said 95 percent of those defaults were down to losses from gambling on cricket matches.
    Many diamond traders receive large sums of money on credit and have between one and four months to repay, so are tempted to seek short-term investments to boost profits. Betting on cricket, which is illegal in India, has become increasingly popular for those seeking a fast buck, it said.