Industry News by Nemesis

Rio Tinto Carries Out First Shipment of Rough Diamonds to BDB’s Special Notified Zone

November 16, 2015

The India Diamond Trading Centre (IDTC), the special notified zone established in July at the Bharat Diamond Bourse (BDB), has completed its first test shipment and re-export of rough diamonds from Rio Tinto.

The IDTC is the first special notified zone in India to trade rough diamonds under laws that enable firms to source the stones directly from miners, reducing operational costs and travel time to overseas trading hubs, India’s Gem & Jewellery Export Promotion Council (GJEPC) said in a statement November 16.

The center was established by the GJEPC in collaboration with the BDB, which operates the zone.

The IDTC will hold rough diamond viewings and auctions on a weekly basis. De Beers’ subsidiary DTC, Dominion Diamond Corporation & Rio Tinto are among the companies scheduled to attend. Viewings are booked up until December 2016, the GJEPC said.

 

Source: Rapaport

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