Since 1998, the rough diamonds mined in India were up for display for auction between September 24 and 27 by state-run National Mineral Development Corporation (NDMC) in association with Gems & Jewellery Export Promotion Council (GJEPC) garnered $ 1037.89 mln. As per market sources, rough diamonds of about 24,000 carats were to be up for display, according to media reports.
Industry watchers believe the e-auction would augur well for rough diamonds mined from within India, despite the quantity is minuscule compared to India’s imports figures of 16.50 mln carats of rough diamonds valued at $15.72 bln in the financial year 2018-19.
Dinesh Navadiya, Regional Chairman of GJEPC is of the opinion that continued display of rough diamonds year-on-year at Surat will result in more buyers bidding in the auction for India mined rough diamonds. According to reports, production of rough diamonds by NMDC is at about 40,000 carats per annum while sales is around 30,000 to 33,000 carat per annum.
NMDC has switched over from physical auction to e-auction or online mode of sale since 2015-16 in which display of rough diamonds for every e-auction is being conducted first at Panna followed by Mumbai and now Surat, before conducting e-auction.