Industry News by Nemesis

De Beers to Offer Rough Diamond Tender at Mumbai IDTC

January 27, 2016

In a change to its usual practice, De Beers, through its online auction subsidiary Diamdel, will offer small and medium Indian diamantaires an opportunity to participate at a rough tender, according to The Times of India cited by IDEX Online.

 

Following representations from the Gem and Jewellery Export Promotion Council (GJEPC) and the Surat Diamond Association (SDA), De Beers has agreed to register smaller businesses than usual for the auction, which is due to be held at the Bharat Diamond Bourse’s (BDB) recently inaugurated India Diamond Trading Centre (IDTC).

 

Until now, auctions of this type have been held in either Dubai or Antwerp – from where around 30 percent of India’s diamonds are imported.

 

Regional GJEPC chairman Dinesh Navadiya said, “It is a big opportunity for small and medium diamantaires to register for free with Diamdel and participate in the tender auction of rough diamonds. They (company) have agreed after a strong representation from GJEPC and SDA.”

 

Source: Rough&Polished

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