No cars and no flats this Diwali from Billionaire diamond merchant Savji Dholakia, Here Is why

The Surat-based billionaire diamond merchant, Savji Dholakia, who had hit the headlines last year for gifting 400 apartments and 1,000 cars to his employees as Diwali bonus, didn’t show his magnanimous side this year.

Tax experts say the introduction of goods and services tax, effect of demonetisation and a vigilant income tax department could be the reasons. However, on the other hand, the local traders refused to blame these reforms behind the austerity.

Talking to leading daily Economic Times, Dholakia, who owns the Hare Krishna Exports, said,”We have just postponed Diwali bonuses this year to next year and it has nothing to do either with demonetisation or with GST. Dholakia had become a household name when his company in 2016  gave 491 Fiat Punto cars, 200 two-bedroom houses and jewellery to 1,200 employees.

The diamond merchant, who hails from Dudhala village in Amreli district in Saurashtra region, established and nurtured his business using a loan from his uncle. He had sent his son Dravya to eke out a job in Kerala to learn the ropes.