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Tuesday, September 21, 2021

Surat hosts first online bidding, tendering of lab-grown diamonds

With an objective to promote diamond miners from across the world and small players in Surat to participate, the event from August 18 to 21 is being organised by Surat-based private firm, Vacradiam Ventures LLP.

By: Express News Service | Surat |
Updated: August 19, 2021 10:58:57 pm
India’s first diamond auction centre in Surat spread over 2,200 square feet area was inaugurated by GJEPC chairman Colin Shah recently. (Photo: Reuters/Representational)

Online bidding and tendering of lab-grown rough diamonds is being held for the first time in Surat at the GJEPC auction house where diamonds worth over Rs 30 crore are on display.

With an objective to promote diamond miners from across the world and small players in Surat to participate, the event from August 18 to 21 is being organised by Surat-based private firm, Vacradiam Ventures LLP.

Around seven companies that manufacture lab-grown diamonds from Surat, Ahmedabad, Mumbai and China had put their diamonds on display, sources said.

Salim Panjwani, partner of Vacradiam Ventures, said, “This is for the first time online bidding and tendering of lab-grown rough diamonds is being held in India. There are over 300 companies that manufacture lab-grown diamonds in Surat city. Many small and medium diamond factory owners could also be part of the bidding.”

He said that the size of diamonds ranges from 30 cents to 8 carats. “Over 32,000 carats of lab-grown rough diamonds worth over Rs 30 crore are on display. The basic price for bidding is up to the buyers. We are getting a good response from the industry with several turning up for the online bidding,” said Panjwani, adding that over 200 people have visited the auction centre in two days.

“The tendering procedure will be conducted on August 21 when we will declare the firms that won the bids,” he said.

Gems and Jewellery Export Promotion Council chairman Dinesh Navadia said, “This is the first such auction at our centre. We have ensured all the security measures for the event where several small and medium factory owners of lab-grown diamonds will benefit. We are planning more such events at the GJEPC auction centre.”

India’s first diamond auction centre in Surat spread over 2,200 square feet area was inaugurated by GJEPC chairman Colin Shah recently.

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