surat in what is seen as the biggest default in 2013 a diamond firm in antwerp is learnt to have went bust on payments to banks and other creditors worth 26 million or rs 160 crore diamantaires in surat are shocked as the bankrupt diamond firm in antwerp is owned by a diamantaire from surat industry sources said the diamond firm is into the trading of rough and polished diamonds in the diamond street of hoveniersstraat in antwerp the firms owner last week disappeared from the market without paying 26 million citing losses rupee devaluation and other financial issues to the bank and other diamond traders in antwerp the sudden spurt in the default cases by traders and merchants in the last oneandahalfmonth is likely to upset the festive spirit of the industry ahead of diwali festival the last one month has projected the industry in a bad light with defaults in the industry reaching rs 200 crore experts however say the default amount could reach well above rs 1000 crore during the diwali festival last month a trader from surat defaulted on rough diamond payments worth rs 70 crore to at least six indian merchants in antwerp the defaulter had purchased rough diamonds on 120 day credit from the merchants in antwerp and was unable to make the payment due to rupee touching the rs 62mark against the dollar a diamond trader said the owner of bankrupt diamond firm in antwerp has interest in real estate business in surat and mumbai his brother is a real estate developer and the group may have pumped money into the realty sector here dinesh navadia president surat diamond association sda said it is very unfortunate that indian diamantaires are defaulting in antwerp the gujarati diamantaires are in the bad spot due to defaults in india and antwerp