Rough diamonds from mines in Panna district of Madhya Pradesh could soon be auctioned in Surat, the hub of India’s diamond cutting and polishing industry.
A team from the National Mineral Development Corporation of the Government of India, which runs the mines in Madhya Pradesh, is expected to come to Surat on August 26 to carry out a survey ahead of conducting such an auction.
There are large deposits of diamonds in the mines in Panna district, which the diamond merchants of Surat consider are of good colour, clarity and purity.
The Gems and Jewellery Export Promotion Council (GJEPC) has begun talks with the operation head of the diamond mining project, and put forward a proposal for the auction of rough diamonds in Surat. “We have requested them to come to Surat to auction rough diamonds. They will come on August 26 for a survey and check out our (GJPEC) infrastructure,” GJEPC Gujarat regional chairman Dinesh Navadia said. “We have taken an entire floor in Gujarat Hira Bourse at Ichhapore in Surat on rent for the purpose of auctioning of rough diamonds. We have developed (facilities on) the floor and named it the Surat International Diatrade Centre.”
Navadia said they would charge rent from auctioneers who would be chosen through a tender process, including from Surat.
In the past two years, the Surat Diamond Association has carried out two auctions of polished diamonds in Surat city. Eight of 10 polished diamonds in the world are cut and polished here in Surat city. Rough diamonds are usually imported from African countries, Russia and Canada, and they are exported after being cut and polished here.
Sources in NMDC said they regularly conduct auctions of rough diamonds in Mumbai and Jaipur but this was the first time that they had been approached with a proposal to carry out an auction in Surat city, and they hope it would be a good opportunity.