scorecardresearch
Wednesday, Oct 05, 2022

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.

DRI officials further added that the accused was a native of Mumbai and was allegedly hired by a diamond trader for smuggling purposes. (File)

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.”

Subscriber Only Stories
UPSC Key-October 5, 2022: Why you should read ‘Animal Adoption Scheme’ or...Premium
Telangana plot accused had twice tried to join terror outfits abroad, sto...Premium
Split on method to name new Supreme Court judges, CJI sends 2nd note to C...Premium
MNREGA worker breaks national record in men’s 35km race walkPremium

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.”

Advertisement

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

First published on: 19-08-2021 at 10:58:29 pm
Next Story

Navjot Singh Sidhu now appoints Mohammad Mustafa as his principal strategic advisor, he ‘accepts’

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement