Banks tighten credit controls on nation’s $60 billion industry $1.8 billion fraud case ratchets up scrutiny of diamond trades In his 50 years as a jeweler, Pankaj Parekh has seen a few scams shake the credibility of India’s $60 billion gem and jewelry industry. The latest multibillion-dollar fraud will give banks the impetus to rein in credit for around 300,000 of his peers, he says. Already, Parekh’s business has come under increased scrutiny. One lender last week questioned the validity of...