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How Lady Meherbai Tata s larger-than-Kohinoor diamond saved Tata Steel
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Ramu Damodaran is Chief, United Nations Academic Impact
UNITED NATIONS, Feb 22 2021 (IPS) - Legends are the lodestars of history, the marriage of Sir Dorabji Tata with Meherbai on Valentine’s Day of 1898 among the most lyrical of them. Two years later, he gifted her the Jubilee Diamond, the sixth largest diamond in the world, twice as large as the Kohinoor.
Less than fifty months later, Tata Steel, the business in which he played so pivotal a role, was enveloped in a financial crisis; Dorabji and Meherbai pledged the whole of their wealth, including the Diamond, to the Imperial Bank, to make it possible for wages to be paid and not a job sacrificed.