Bharat Diamond Bourse to hold online auction for its offices

Bharat Diamond Bourse (BDB), the world’s largest diamond bourse, plans to hold an online auction for around 135 of its over 2,500 offices, in April 2011. The BDB comprises of eight towers spread over 20-acres. So far 2300 of its offices have been allotted. “The auction in totality will be held online and no physical bids will be accepted under any circumstances”, affirmed Mr. Anoop Mehta, president, BDB.

As per the eligibility criteria outlined for the auction, the applicants need either to be an existing member or should have applied for Trade Membership of BDB by 7th April 2011 and the Trade Membership Application should be in principle approved by the Enrolment/ Managing Committee. The Eligibility Criteria for membership and Trade Membership Form are available on the website (www.bdbindia.org).

The auction’s entire process and related guidelines are being reviewed by KPMG and its platform is built by Centerac India Pvt. Ltd. who will also provide an extensive training programme to all eligible bidders.

According to the procedure, participants need to submit their Earnest Money Deposits (EMD) by 18th April, 2011 and upon its approval, "only registered bidders can participate in the auction for the Block of Shares with occupancy rights of Stipulated Premises”, added Mr. Mehta.

He further said, “ The auction is open to all member of the diamond trade globally, so long as they are a member of a Diamond Bourse affiliated to the World Federation of Diamond Bourses (WFDB), making it an excellent opportunity for international companies to open office in India”.

BDB is a service oriented non-profit making guarantee company registered in 1984 and was originally formed by the Members of Diamond Exporters Fraternity along with Minerals and Metals Trading Corporation of India (MMTC). It is located in Mumbai, India.