Surat, June 2 (ANI): Diamond manufacturers have started the online trading of rough diamonds for the first time in Surat.
Traders who have registered for the auction can view the process online on their computer terminals. The prices will be in US dollars.
The rough diamonds to be auctioned are the ones brought from the DTC (Diamond Trading Corporation), Botswana and Russian mines.
Aashit Mehta, a diamond manufacturer, said this would enhance their business in a big way.
"This is for the first time an online auction of rough diamonds consisting of 504 stones of 5004 carets divided in 60 lots would be shown on the viewing dates from 1st of June till 7th of June in Surat which will be participated by 175-200 different companies from Surat and Bombay," he said.
Dinesh Navadia, President of Surat Diamond Association, said this would be very beneficial for the traders, especially for the small time manufacturers.
"The auction of diamond raw material will benefit the small manufacturers who basically manufacture small size diamonds. Since they manufacture only two to three diamonds in a month for which they have to go to Africa, Canada or Europe, they have to bear the charges of two to three lacs, which will be now cut down," he added.
On June 9, the actual online bidding will be carried out on www.arjavbids.com. The prices per carats have been fixed between 1,000-20,000 dollars. (ANI)