Surat diamond industry to create company for direct sourcing of rough diamonds

The Surat diamond industry is implementing plans to directly source diamonds from mining countries like Africa, Africa, Russia, Canada and Australia, by forming Surat Diamond Sourcing India Ltd (SDSIL), a company made up of various diamond units in the city and other big companies. So far around 500 diamond units in the city have pledged to be part of SDSIL. Large scale companies like Blue Star, Venus Jewels and Lakshmi Diamonds are participating in the project. SDSIL is likely to be operational within two-three months with an initial capital of around Rs 1,000 crore.

The company will source rough diamonds directly from the mines, especially those not owned by the biggies, and in turn auction the rough stones in Surat, enabling a more consistent supply of rough diamonds.

After its formation, plans are to get the company listed within two to three years.