1st online diamond auction nets Rs 56 crhttps://indianexpress.com/article/cities/ahmedabad/1st-online-diamond-auction-nets-rs-56-cr/

1st online diamond auction nets Rs 56 cr

In an online bidding auction of rough diamonds,organised by Surat-based Arjav Diamonds Private Limited,a sister company of Blue Star Diamonds,an average of Rs 56 crore was earned in a single day.

In an online bidding auction of rough diamonds,organised by Surat-based Arjav Diamonds Private Limited,a sister company of Blue Star Diamonds,an average of Rs 56 crore was earned in a single day.

The auction was held at Blue Star Diamonds at Varachha road in Surat.

Over 120 diamond manufacturers and jewellers from Surat and Mumbai,two from Israel and two from Belgium took a view of the rough diamonds displayed by the company during last week.

The company sold two big stones named ‘Star of Surat’ and ‘Star of Gujarat’ in the auction. The Star of Surat,weighing 74 carat was sold off for Rs 1.35 crore,while the Star of Gujarat weighing 61 carat,was sold for Rs 2.70 crore.

Ashit Mehta,chairman of Blue Star Diamonds said,“We have received an overwhelming response from the buyers. Out of 60 lots of rough diamonds,48 lots were sold in a single day at Surat with an average business done worth Rs 56 crore. The demand of rough and polished diamonds in the Indian market has gone up,which is good news for the diamond industry. In coming months we will again organize auction in a joint venture with a Surat-based diamond company.”