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GJEPC, BDB Inaugurate India's First Special Notified Zone for Rough Trading

Dec 22, 2015 8:15 AM   By Rapaport News
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RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB) opened the India Diamond Trading Centre (IDTC) in Mumbai, India’s first Special Notified Zone (SNZ) for rough diamond trading.

Nirmala Sitharaman, India’s Minister of State (Independent Charge) for Commerce and Industry, inaugurated the facility at a ceremony attended by state lawmaker Ashish Shelar and Mumbai’s deputy mayor Alka Kelkar, as well as executives from Rio Tinto Diamonds, ALROSA and De Beers, according to a GJEPC statement December 21.

"Although India is the largest diamond cutting and polishing center, we have had to depend on other trading centers like Belgium and Israel for supply of rough,” GJEPC chairman Praveenshankar Pandya said at the launch event December 20.

“By establishing the SNZ in India, the ready availability of rough diamonds in India through the IDTC will make a huge difference as the manufacturers won’t have to travel across the world to procure diamonds. We are hopeful that there will be a drastic improvement in production of cut and polished diamonds in India.”

Establishing the Special Notified Zone is the first step to realizing the vision of Indian Prime Minister Narendra Modi to make the country the global capital of diamond trading, Pandya said.

Similar SNZs will be set up by the GJEPC in other locations, primarily in Surat in Gujarat, Pandya added. The Gujarat Hira Bourse on the edge of Surat has proposed to set up an exchange with an SNZ inside. The concept can also be extended to coloured gemstones, the GJEPC said, with the association already proposing to set up a gem bourse in Jaipur.
Tags: BDB, Bharat Diamond Bourse, Gem & Jewellery Export Promotion Council, GJEPC, India, India Diamond Trading Centre, mumbai, Rapaport News, rough trading, special notified zone
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