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SNZ at Gujarat Hira Bourse declared customs area for rough diamond trading

20 january 2020

Leading diamond mining companies from around the world will descend in Surat by the end of February to sell their rough diamonds directly to the city’s diamantaires, says a TOI report.
The Surat International Diatrade Centre’s (SIDC) Special Notified Zone (SNZ) located at Gujarat Hira Bourse (GHB) in Ichhapore has been declared customs area for carrying out import, trading and re-export of rough diamonds.
The annual import of rough diamonds in India is pegged at $18 billion. About 70% of the rough diamonds are procured from the big diamond mining companies including De Beers, Alrosa, Rio Tinto, Dominion etc., while the rest comes into the country from the secondary markets in Antwerp and Dubai.
After the Bharat Diamond Bourse (BDB) operated SNZ in Mumbai, this will be the second SNZ in the country for rough diamond trading. The diamantaires will be able to participate in viewing and auction of the goods at the SNZ by the diamond mining companies and also close deals.
Chairman of SIDC, Dinesh Navadiya reportedly told TOI, “We are in the process of getting the clearance of customs custodian at the SNZ for carrying out trading and auction, which we are expecting to happen soon. We will start the SNZ after permission.”
Navadiya added that they have already intimated to the diamond mining companies about the SNZ in Surat and they have expressed their willingness to come down to Surat for direct trade in rough diamonds.”
According to the TOI report, The Gems and Jewellery Export Promotion Council (GJEPC) has partnered with GHB for setting up of the special purpose vehicle (SPV) to facilitate the trading, import and re-export of rough diamonds from SNZ. Around 3,000 sq m office space has been ready for the offices of the diamond mining companies, dealers, auction floor, strong rooms and the customs house.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished