Go Back

Rio Tinto, De Beers and other global miners to trade on Mumbai's diamond centre

Economic Times:  December, 2015

Kolkata: Rio Tinto, De Beers and Alrosa are among the major mining companies that have decided to participate in the Indian Diamond Trading Centre (IDTC), the special notified zone in Mumbai.

The development comes after these miners successfully completed two test shipments at IDTC-SNZ, which became operational from Sunday.

The IDTC has been set up to do away with middlemen in diamond trade and allow Indian manufacturers to deal directly with miners. In the test shipment process, the miners imported test parcels of rough diamonds from their home country to IDTC-SNZ and then sent back the parcels to their home country. The test shipment was conducted first by British-Australian multinational firm Rio Tinto on November 9, when it imported the parcel, and sent it back the next day, said Praveen Shankar Pandya, chairman, Gem & Jewellery Export Promotion Council. He said Luxembourg-headquartered De Beers followed suit, bringing in its test parcels on November 19 and sending them back the next day.

"Following the successful test shipments, Rio Tinto conducted a full viewing session at IDTC-SNZ from November 21 till 25th. The viewings received a very good response from the industry and potential buyers lined up to attend the same," Pandya told ET.