Miners Allowed to Sell Goods in BDB from July 1

(IDEX Online News) – From July 1 the global diamond miners will be allowed to sell their goods in India in Special Notified Zones (SNZ). According to a statement from the Gem and Jewelry Export Promotion Council (GJEPC), 21 mining companies are included in the list of those allowed to use the SNZ facilities, including De Beers, Rio Tinto, Alrosa, Gokhran, BHP Billiton, Endiama and Dominion Diamond Marketing.

In a recent visit to India, De Beers Chief Executive Officer Philippe Mellier said De Beers was ready to establish offices in India, as long as favourable trading regulations were established, reported Business Standard.

The operation of the SNZ will be especially beneficial for diamantaires who currently have to travel outside of the country to obtain rough and to participate in auctions and tenders.

“With operational guidelines in place, global miners will be able to set up offices in India which will reduce travelling time for Indian diamantaires, and also cost of rough diamond procurement,” said Sabyasachi Ray, executive director of the GJEPC, as quoted by Business Standard.

“This is first of its kind of revolutionary idea which the government of Israel and others want to replicate. We were pursing with the government for several years for this. The guidelines will transform India into the world class trading center not only for rough diamond but also for other commodities, in case the same is adopted,” said Ray.

According to a circular from the GJEPC, the umbrella organization of the Indian industry and the BDB intend to establish the Indian Diamond Trading Centre, which will handle rough goods imported for auctions or sales.