(IDEX Online) - The eight-year-old daughter of a wealthy Indian diamond merchant has relinquished her share of a $61m inheritance, to become a Jain nun.Devanshi Sanghvi took part this week in the 'diksha' ceremony, abandoning all material possessions, after a lavish four-day ceremony in which she rode in a carriage pulled by an elephant.She was heiress to the Sanghvi and Sons jewelry business in Surat, founded in 1981 and valued by the ICRA credit rating agency at five billion rupees ($61m).Devanshi prays regularly and has never watched television, movies or gone to malls and restaurants, according to local media. She is one of the youngest devotees to take the vows of renunciation.Her family are members of the ancient Jain faith, with around five million followers, primarily in India. It preaches non-violence, strict vegetarianism and love for all animals.Pic of Devanshi Sanghvi from YouTube