Winsome Diamonds & Jewellery Ltd. responded to a press report, saying they were were "aghast" at being called the world's largest producer of synthetic diamonds and reiterated its long-held stance that the company has "nothing to do with synthetic or man-made diamonds." In addition, Winsome stated that it did not operate a base in Singapore, Malaysia or the U.S. as the media has claimed, and such disparaging press reports are negatively impacting its already "crisis ridden" image.

The note was filed on the Bombay Stock Exchange mentioned that banks, too, have misled the public and slandered Winsome and its directors, so it was imperative that the company reassure shareholders that no wrongdoing has taken place by its employees or the members of the board.

"We are further shocked to note that the article (in The Economic Times dated August 25) claims the Winsome group had a run in with U.S. authorities over synthetic diamond business carried out by a U.S. company, where the group had interest," wrote Asish Narayan, the company's secretary.

"It is expressly denied that Winsome had or has any connection with the synthetic diamond business or that Winsome has any interest in any U.S. company or that Winsome had any run in with American authorities," Narayan stated.

Winsome acknowledged that Kroll Advisory Solutions carried out a financial audit of the company on behalf of various banks, which Winsome paid for; however, Narayan wrote that the firm was never provided with a copy.

"While the company has been deprived of an opportunity to defend itself against the Kroll report, the banks, have, however, thought it fit to share the report with the media," Narayan stated. "This is most unfair and unjust. The fact that the banks have chosen not to be transparent and to not disclose the report to the company shows" the banks and the report lack credibility.