Leading diamantaire Arunkumar Ramniklal Mehta -- who founded the B. Arunkumar & Co. six decades ago -- passed away at a private hospital, industry sources said.
He was 80 and is survived by a son Russel Mehta, Managing Director of Rosy Blue India, and a daughter, besides two brothers, Dilip Mehta and Harshad Mehta.
Mehta's granddaughter Shloka got married to Aakash Mukesh Ambani in March 2019.
A few days ago, he had suffered a fall in the bathroom and was rushed to Sir H. N. Reliance Foundation Hospital where he breathed his last early Monday.
Described as a 'visionary' by the grateful industry, Mehta was born in 1940 in the small town of Patan, Gujarat and had humble beginnings in life.
Almost 20 years later he moved to Mumbai, the hub of the Indian gems and jewelleries industry and founded a small diamond cutting and polishing unit, naming it as "Arunkumar & Company' in 1960, which later became the Rosy Blue Group.
With his sheer dedication, hard work, the small company blossomed into one of the biggest diamond producing units in the world with operations spread across India, Belgium, Israel, Russia, China, Thailand, Sri Lanka.
Mehta later became the founding-member of the influential body Diamond Exporters Association Ltd. besides being active with the Bharat Diamond Bourse, the Gems & Jewellery Export Promotion Council, Rajkamal Rikhabchand Charitable Trust, Bombay Diamond Merchants Association Relief Fund, headed the Palanpur Samaj Kendra and was involved with other prominent organisations.
A prominent diamantaire informed that the diamond industry is expected to remain closed on Tuesday as a mark of respect to the departed luminary.