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The burglars used gas cutters to break open safes and destroyed CCTV equipment to cover their tracks.
The theft targeted the fourth-floor unit housing Diamond King and D K & Sons, both operated by 48-year-old Devendrakumar Genaram Chaudhary and his family members from their base in Panchvati Society, near Sardar Market, Puna village.
The unit had closed at 3.30 pm on August 15 for the two-day Satam-Atham holiday when the break-in occurred.
Police suspect insider involvement after discovering that only this unit was targeted despite several diamond businesses operating in the same building.
The thieves broke through the building's main gate lock and used gas cutters to access the office safe.
They stole 5,749.25 carats of polished diamonds and 87,098.35 carats of rough diamonds from Diamond King, plus 3,163.58 carats of polished diamonds and 16,583.72 carats of rough diamonds from D K & Sons.
The criminals destroyed security cameras worth approximately ₹50,000 and removed the DVR system to avoid identification. No security guard was present at the building during the incident, despite the main gate being secured only with a basic lock.
Investigators found cigarette butts, a mava (chewing tobacco) pouch, and fingerprints from two to three individuals at the safe location. CCTV footage from nearby areas captured two to three unidentified persons arriving by auto-rickshaw.
Sources revealed the Chaudhary family's diamond businesses generate an annual turnover of nearly ₹300 crore, yet no security personnel were deployed during the holiday period.
Surat city police have launched an extensive manhunt for the suspects. The incident has also raised questions about police patrolling in the diamond-rich Kapodra area.