Global firms turn to IDTC to exhibit rough diamonds

By

Maverick Martins

Published
Dec 22, 2016

Major global mining companies like De Beers, Rio Tinto, ALROSA, Dominion Diamond Corporation and Okavango Diamond Company have successfully conducted their rough diamond viewings at India Diamond Trading Centre (IDTC).

IDTC is the only special notified zone (SNZ) in the country has handled more than 3 million carats of rough diamonds in excess of $450 million dollars since it started its operations a year ago.

 “The success of IDTC reflects our constant endeavor to give the global mining companies an appropriate platform to exhibit their rough diamonds”, said IDTC-SNZ Chairman and Bharat Diamond Bourse President, Anoop Mehta in an Economic Times report.

“In fact, over 50% of the 2017 calendar have been booked for viewings, which itself poses as the proven success of IDTC-SNZ” Mehta added.

Until now, IDTC-SNZ has conducted 28 viewing sessions and over 400 companies from across India participate in these viewing sessions regularly.

The SNZ was created with an objective of ease of doing business in India, making available a regular supply of rough diamonds from the International mining companies, saving time and minimizing operational costs by omitting the concept of middle-men.

India handles a major chunk of global diamond trade and 70 per cent by value and 80 per cent by volume of global trade is contributed by India.