SRDSIL Sells Rough Worth $17M at Auction

Surat Rough Diamond Sourcing (India) Ltd. (SRDSIL), a consortium of Indian diamantaires, sold goods worth $17.2 million (INR 860 million) during its first online auction of rough diamonds this past Saturday, The Times of India reported.
The report stated that about 57,000 carats valued at $18.6 million (INR 930 million), were put up for auction by the diamond consortium. Of the total, 46,500 carats were sold and were said to be sourced mainly from Zimbabwe and Russia.

”We have fetched 93 percent in value and 82 percent of the goods put up for online auction was sold off to the bidders, mainly from Surat and Mumbai,” the newspaper quoted Chandrakant Sanghavi, the director at SRDSIL, as saying. ”This success will open up new avenues for the diamond consortium in the coming days. Now we plan to organize a similar auction with low range goods, which could be ideal for small and medium manufacturers.”

The report said that the first ever online auction of rough stones by the diamond consortium had faced criticism from small and medium diamond manufacturers in Surat. They alleged the consortium had strayed away from its primary objective of helping the small and medium firms to get direct access to rough stocks from mining countries.

“We have kept certain stock reserved for small and medium diamantaires. This will be put up for auction in the next few days,” the report quoted Sanghavi as saying.

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