Diamond-Surplus Weblog

October 13, 2008

India has the honor to polish biggest ever rough diamond.

Filed under: Diamond News — diamondsurplus @ 5:26 pm
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India it is……

Biggest ever rough diamond to be polished in India

 

RAJKOT: Finally we can forget the Kohinoor. One of the costliest and biggest rough diamonds from South African mines has found its way into Gujarat.

 

The 128.47-carat rough diamond worth $12.13 million (Rs 58-60 crore) is bigger than the 105-carat round-cut Kohinoor diamond, which is part of the famed British crown jewels.

And after a little bit of cut and polish, the de-coloured and flawless rough diamond, mined from Orange River (South Africa), is expected to turn into 50 carat of pure glitter, chairman of Surat-based KARP Impex Kishore Virani told ET.KARP won the bid to buy the diamond from South Africa (SA) and claims that it is the costliest and the largest piece of rough diamond that has ever come an Indian company’s way. And it would take four months for the company to get it ready for the market. And KARP is also planning to get the diamond insured, Virani said.

A DTC site holder, KARP gets steady supply of rough diamonds from South Africa, but in case of such rare pieces, bids are invited from all DTC site holders before auction. “We bagged the costliest rough diamond by quoting the best price against other contenders from Israel and Belgium,” said Keval Virani from KARP. The auction was held in Tender House in South Africa, known for diamond auctions.

But diamonds are not new to Gujarat. The Rs 60,000-crore Surat diamond industry is the hotbed of the global diamond industry, processing around 70% of world’s rough diamonds. But Chandrakant Sanghvi of Sanghi Exports said this is the first time that such a precious diamond has landed in the sub-continent. “Until now, polished diamonds ranging from 10-25 carat were heard of. But, a 50-carat polished diamond is probably the first of its kind,” he said.

The Indian diamond cutting and polishing industry has enough technology and required skill to cut these large pieces given the industry can afford to purchase such higher cost rough diamonds. But Indians are mainly known for cutting and polishing smaller sized rough diamonds, he added.

The costliest diamond that reached Surat 15-20 days back might see the development of new machine tools for cutting and polishing. Kishore Virani, with more than 30 years experience in diamond industry and a partner with the leading machine tool maker of the state expects to minimise the risk with the expertise and technical know-how of its own machine tools. “Although no particular marketing strategy has been decided, we are chalking out the strategies on naming the diamond,” said Mr Virani.

The total exports of gems and jewellery items during April 2007 to March 2008 stood at Rs 84,058.19 crore against Rs 77,100.12 crore in April 2006-March 07, a growth of 9.02%.

 

 

 

 

 

Source: Economic Times

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