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IDTC completes first test shipment from Rio Tinto successfully
The main objective of establishing IDTC is to provide producers direct access to Indian market and vice versa
By: Diamond World News Service
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Nov 17 2015 11:27AM
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Reference: 12267  

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“India Diamond Trading Centre” or IDTC, completed its first test shipment from Rio Tinto and the same has been re-exported back on November 16th. GJEPC in collaboration with the Bharat Diamond Bourse (BDB) established IDTC within the premises of BDB, to act as an operator of SNZ. IDTC is the first SNZ in the country to trade rough diamonds under special laws, which is perceived to immensely benefit majority of diamond companies especially the SMEs, as it will enable them to source roughs directly from miners thereby reducing operational costs and drastically cut down Indian traders travel to trading centres abroad.

IDTC is the first SNZ project announced by Hon. Prime Minister, Shri. Narendra Modi during World Diamond Conference held last year in New Delhi. More such SNZs are likely to come up across India in near future. IDTC will conduct a weekly viewing and auctioning of rough diamonds. The main objective of establishing IDTC is to provide producers direct access to Indian market and vice versa. As on date, the viewing slots of IDTC is booked up till December 2016 by major trading companies such as DTC, Dominion Diamond Corporation & Rio Tinto.

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