Surat: Diamantaires in the multi-billion dollar world’s biggest diamond cutting and polishing centre in Surat have abolished the age-old ‘chitti’ system for a foolproof promissory note mode, reports The Times of India. The paper chits have been an instrument of trade in the diamond industry for over six decades now. But, this ‘chitti’ system, which was based on mutual trust, has been banished for good.

Surat Diamond Association (SDA) has made it mandatory for diamond merchants and manufacturers to buy and sell diamonds by exchanging promissory note, which is a valid sales document.

“Around 85 per cent of merchants and manufacturers have banished paper chits for promissory note system. The campaign was started last year. We have now decided to make promissory note mandatory for diamond trade,” SDA president Dinesh Navadiya said.