Name change proposed for Surat Diamond Sourcing (India) Limited

Surat Diamond Sourcing (India) Limited, an idea and company formed to directly source rough diamonds, is being renamed as Surat Rough Diamond Sourcing (India) Limited, owing to similarity in name identities in the industry. The Surat Diamond Sourcing (India) Limited was conceived and formed by a group of diamantaires in Surat.

The name change proposal occurred when SDSL was placed for registration with the Registrar of Companies (RoC). The SDSL, has since its ideation and formation evoked an enthusiastic response amongst the industry, with over 50 major diamond companies participating and contributing Rs5.40 crore each in lieu of shares.

The SDSL fund target was pegged at Rs1000 crore, to be generated from members but the positive response of the industry is hinting at funds worth Rs1500 to 2000 crore, in near future.