Rakesh Sharma
NEW DELHI: While the ongoing conflict in West Asia has disrupted international trade, it may just prove to be a boon in disguise for Surat’s diamond industry.
Citing the crisis, Dubai-based Stargems Group has shifted the venue for its auctioning of rough diamonds to the vast Surat Diamond Bourse (SDB), located on the outskirts of the city, officials said. A seven-day pre-auction exhibition began at the office space of the Gems and Jewellery Export Promotion Council (GJEPC), which has been leased out to the Dubai group, last week, they noted, adding rough diamonds worth over Rs 350 crore were being showcased at SDB for businessmen from across the world.
The GJEPC is the apex body for India’s gem and jewellery industry. GJEPC Gujarat region chairman Jayenti Savaliya said: “It is for the first time that such an exhibition is being held at the GJEPC office at SDB. The [Dubai] company had previously held an exhibition in Dubai. Traders who cannot travel there will have an opportunity to view rough diamonds in person and submit a bid for the lot. After the last day of the exhibition, the company will conduct an auction.”
Sources at GJEPC told The Indian Express that three top global rough diamond companies from Dubai will also be holding auctions in Surat in April as they view it as a “safe” place.
The event could be a milestone for SDB, located in the 700-hectare Diamond Research and Mercantile City, which has been struggling to attract businessmen to set up shop since its inauguration in 2023.
The owner of a company here that exports natural diamonds said: “Dubai is a free-trade zone where several diamond companies have their centres and are doing business through online auctioning of rough diamonds. As the city has also found itself amidst the war, diamond companies are in search of a better option.”
“Eight of 10 polished diamonds in the world are cut and polished in Surat. So, these diamond companies are now seeing Surat as a second option, and for that, they are organising a rough diamond auction here,” he added.
