Surat Rough Buyers Group Directors in Sell-Off Talks
June 09, 13
(IDEX Online News) – Directors of Surat Rough Diamond Sourcing India Limited (SRSDIL), a diamond buying group established by leading diamond companies in Surat just two years ago, are discussing the sell-off of the firm. 
The move has come about due to rising rough diamond prices and declining profit, according to The Times of India.
SRSDIL was set up with the aim of directly sourcing rough diamonds from mining countries and selling to small and medium-size diamond firms in Surat, India's leading diamond processing center.
The company has so far sold Rs 100 crore worth of rough diamonds in three tenders.
Partnership Africa Canada (PAC) last year attacked SRSDIL for allegedly securing diamonds from the Marange deposits in Zimbabwe and selling them via "a sophisticated price-manipulation scheme" which deprives the African country of millions of dollars.
A company director seeking anonymity said, "Since leading Diamond Trading Company (DTC) and non-DTC owners are directors of SRSDIL, we cannot source rough diamonds from the controversial Zimbabwe mines due to the US sanctions. On the other hand, the company is not earning profits from selling diamonds sourced from leading mining companies due to the heavy price hike ranging from 15-20 percent in the last one year.
"We are in talks with the private players in the industry for the sell-off. The policy of SRSDIL does not allow us to sell goods on credit."