Rough diamond worth $100mn to be showcased in Surat

Surat: For the first time, more than one million carats of rough diamonds have been put on display in Surat, marking a significant development for the city that processes the bulk of the world's diamonds.The display and auction sessions, organised by multiple auction houses, have been underway since March. The latest showcase is being held at the Surat International Diatrade Center in the Surat Diamond Bourse from April 6 to May 10 as part of the India Rough Diamond Show (IRDS) organised by the Gem and Jewellery Export Promotion Council.Industry estimates suggest that rough diamonds worth nearly $100 million will be showcased for auction during the event.Traditionally, most rough diamond auctions are conducted in global trading centres such as Dubai and Antwerp, or in diamond-producing countries. The move to host such auctions directly in Surat reflects the city's growing clout in the global diamond trade."A large number of cutting and polishing firms earlier had to travel abroad to participate in auctions. In the past we also held some auction displays at Navratna Gallery, and such events help speed up the process for both buyers and sellers," said Dinesh Navadiya, chairman of the Indian Diamond Institute.In March, Star Gems organised an auction at the Surat Diamond Bourse that attracted around 240 diamond manufacturers for viewing. Within two weeks, the company conducted another display, which saw registrations from over 250 firms.Two other auction firms — Koin International and a Dubai-based company — are also participating in the show.Organisers expect the India Rough Diamond Show to see participation from over 1,000 MSME units during the course of the event."Hosting IRDS strengthens Surat's position as the heart of India's diamond manufacturing ecosystem," said Jayanti Savaliya, regional chairman of the Gem and Jewellery Export Promotion Council. "With direct access to global rough supply now available locally, diamantaires stand to benefit from improved efficiencies, reduced turnaround time and better business continuity. This initiative will further consolidate Surat's role in the global diamond industry," he added.