Sunday, July 24, 2011

Surat to host 2nd online auction

After the success of India`s first online rough diamond auction in the world`s biggest diamond cutting and polishing centre in Surat last month, Surat-based Blue Star group is planning to host another one next month.

In the first online auction, the group sold rough diamonds worth Rs 60 crore. This time around rough diamonds worth Rs 125 crore in sizes ranging from 5 carats to greater than 100 carats will be put up for online auction in which diamantaires from Israel, Mumbai, Surat and Belgium are expected to participate.

Like BHP Billiton in Canada and Diamdel of De Beers group, Surat-based Arjav Diamonds (India) Private Limited, a rough diamond selling arm of DTC sightholder Blue Star group, has become the third company in the world to sell diamonds through online auction.

In the last six months from January 2011, rough diamond prices in the global market have appreciated by 49 per cent. But the global diamond analysts predict that the rough diamond prices are likely to ease in the second half of the year with the demand increasing from India, China, UAE and US. In 2010-11, India imported $11 billion worth of rough diamonds and the import is likely to increase this year with the growing demand of polished diamonds in the global market.

Recently, a high-level delegation from Diamdel led by its CEO Niel Ventura visited the diamond city to attract the small and medium diamond firms to participate in the online rough diamond auctions. The company has set up its Dubai office in Jumeirah Lakes Towers (JLT) free zone where the online rough diamond auctions will be held 15 to 20 times in a year.

"For the small and medium players, online rough diamond auction is a new area to explore their capabilities. Last time we tried and attracted as many bidders as we could from Mumbai, Surat, Israel and Belgium," said Ashit Mehta, chairman, Blue Star group.

"Total auction will be above last time by approximately 20 to 25 per cent and we are expected a lot of foreigners to participate as there are summer holidays in Belgium and Israel. Also, buyers visiting the India International Jewellery Show (IIJS) organised by GJEPC in August have a great opportunity to participate in the online auction," added Mehta.

According to Mehta, the registration for the second online auction will open from July 25 at and viewing of the stocks will take place at the Blue Star`s Varachha facility between August 3 and August 10. There will be more than 60 lots of rough diamonds of single stones and assorted parcels including bigger stones valued at more than $1 million.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.