The India Diamond Trading Centre (IDTC), the first Special Notified Zone (SNZ) for rough diamond trading in the country, will be inaugurated at the Bharat Diamond Bourse (BDB) complex in Mumbai on 20 December 2015.
As an initiative between India’s Gem and Jewellery Export Promotion Council (GJEPC) and BDB, the SNZ covers 4,000 square feet within the BDB complex, and will be unveiled by chief guest Nirmala Sitharaman, the India’s minister of state for commerce and industry, according to a statement. Senior executives from miners include ALROSA, De Beers and Rio Tinto will also attend the opening ceremony.
The IDTC is the first special notified zone in India to trade rough diamonds under laws that enable firms to source the stones directly from miners, reducing operational costs and travel time to overseas trading hubs. The centre will hold rough diamond viewings and auctions on a weekly basis. Viewings are booked up until December 2016, according to GJEPC.
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