Indian diamond handlers took an active part in applying for registration as De Beers sightholders to ensure the supply of rough diamonds for the contract period 2015-2018.
From 25 to 29 August, De Beers, which provides 40% of the world's diamond supply, registered pre-applications from diamond processing companies for the contract period 2015-2018.
"Indian processors handle the supply of rough diamonds needed for various types of business, including diamond cutting and polishing," explained Vipul Shah, chairman of the Gems and Jewelery Export Promotion Council (GJEPC), the Indian Council for the Export of Gems and Jewelry, "Thus, aggressive participation in the registration of De Beer sightholders makes sense."
According to a number of sources, the number of applicants from India increased by 15-20% compared to the previous registration, conducted three years ago. In 2012 - 2015, India accounts for more than half of the 83 De Beers sightholders selected. Of the remaining companies, the majority are Indian manufacturing enterprises in Antwerp (Belgium), South Africa, China and Hong Kong.
Commenting on the recent decline in exports of Indian diamonds, Sabyasachi Ray, Executive Director of the Board, noted that "exports can not fall below a certain level." "In this regard, there is a need for certainty in the matter of raw materials: De Beers receives only 40-42% of diamonds from their own production volumes, hence Indian processors should be guided by the long-term objectives."