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Diamonds from Russia to land in Surat soon

Following a recent visit to Russia by a three-member delegation of diamond traders,the first consignment of rough diamonds is set to arrive in Surat from Alrosa,a Russian diamond mining firm.

Following a recent visit to Russia by a three-member delegation of diamond traders,the first consignment of rough diamonds is set to arrive in Surat from Alrosa,a Russian diamond mining firm.

Other mining companies in Zimbabwe and Angola are also about to revive the supply,which had to be discontinued after Kimberley Process,an international certification regime which monitors trade in rough diamonds,banned the trade in “blood diamonds” from some African countries.

The Surat Rough Diamond Sourcing India Limited Company (SRDSIL),a company formed by Surat’s leading diamond traders,had recently finalised a deal with Alrosa,which will supply its first lot of diamonds worth Rs 180 crore. As per the deal,Alrosa will supply 12 such lots annually.

SRDSIL chairman Ashit Mehta said,“We will separate rough diamonds as per colour,size and quality and put the entire stock on auction. The reserve price will be in the range of Rs 50 lakh to Rs 2 crore so that both small and big diamond merchants benefit.”

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“Till now,rough diamonds from Alrosa use to come to Surat through various channels. Now,we will bring it directly from the mines,which means cheaper rates for diamond traders,” Mehta said.

Surat Diamond Association president Dinesh Navadia said,“We hope the consignment of rough diamonds from Russia and other mines meets the supply shortage. Generally,rough diamonds in Surat are brought from Antwerp in Belgium and they come through Diamond Trading Corporation.”

Agam Sanghvi,Chairman of KP Sanghvi,a leading diamond firm,said,“Rough diamonds from Alrosa are available in all sizes and are of better quality. These are very much in demand in the global market.”

First published on: 22-11-2011 at 06:45 IST
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