Thursday, 10 Oct, 2024

Business

Customers buying 'glass pieces' instead of diamonds

Business Desk | banglanews24.com
Update: 2024-09-02 11:56:05
Customers buying 'glass pieces' instead of diamonds Dilip Kumar Agarwala [Photo collected]

For over 15 years, Diamond World Limited, owned by Dilip Kumar Agarwala, has been selling diamond jewelry across Bangladesh, including in the capital, without importing any actual diamonds. 

The company was established in 2005 and operates 28 showrooms throughout the country. However, allegations have surfaced claiming that the company has been selling Moissanite or Zircon stones as diamonds.

Moissanite and Zircon, which are types of glass, are crafted to appear shiny for a prolonged period, giving the illusion of genuine diamonds. Following media reports on this issue, thousands of customers have accused Dilip Kumar Agarwala of fraud.

With the emergence of information about smuggling and tax evasion by Diamond World Limited, Agarwala, who is also a member of the Central Industry and Commerce Sub-Committee of Awami League and an accused in a student murder case related to the Anti-Discrimination Student Movement, is reportedly seeking opportunities to flee the country.

Reports suggest that he has held secret meetings with leaders of various political parties, and concerned individuals are calling for his arrest before he attempts to escape.

One customer, Jannatul Ferdous Mim, expressed her frustration, saying, "I have learned from various sources that the company has not imported any diamonds in the last five years. So, what about the diamond jewelry I bought for my wedding in 2022?"

She urged the government to investigate the matter promptly and provide accurate information to the customers, who have spent substantial amounts of money on these purchases.

Another customer, Tama Farhan, lamented on Diamond World's Facebook page, questioning whether the two rings and nose pin she purchased for a significant amount of money were also glass.

According to government records, the first diamond was imported to Bangladesh in May 2007, two years after the company was founded. However, in 2017, allegations emerged that the company was defrauding customers by guaranteeing Moissanite or Zircon stones as genuine diamonds.

The Anti-Corruption Commission (ACC) formed a committee on 18 October 2017, to investigate these allegations, but for unknown reasons, the investigation did not progress. Subsequently, in 2018, Diamond World imported diamonds for the first time, bringing in two consignments of rough diamonds totaling 3,000 carats.

According to the customs tariff schedule, importing a one-carat diamond (0.2 grams) requires paying a 150.90% tax. This includes 25% customs duty, 60% supplementary duty, 15% VAT, 5% advance income tax, 4% advance trade VAT, and 4% regulatory duty. Despite this, the existing baggage rules allow for the import of gold and silver bars and jewelry but make no provision for diamond jewelry. Hence, there is no legal way to bring diamond jewelry into the country without formal importation.

A source revealed that Dilip is looking for an opportunity to flee the country amidst these allegations and is even considering changing his political affiliations after the fall of the Awami League government. A businessman from the Baitul Mukarram Gold Market, speaking on condition of anonymity, said that diamond jewelry was once reserved for elite women, but over the past fifteen years, its accessibility has increased among the middle class. However, he claimed that these were not real diamonds but merely pieces of glass, adding, "It is impossible to sell diamond jewelry for one or two thousand taka."

The businessman further alleged that certain unscrupulous traders, under the protection of the former Awami League government, have promoted glass as diamonds, with Dilip Kumar Agarwala being one of the key figures. He claimed Agarwala has amassed billions of takas through this business without importing real diamonds.

In conclusion, these serious allegations against Dilip and Diamond World Limited have sparked public outrage and calls for a thorough investigation to uncover the truth and ensure justice for affected customers.

BDST: 1154 HRS, SEPT 02, 2024
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