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The Cabinet Committee on Economic Affairs has approved shutting down of Hindustan Diamond Company Pvt Ltd (HDCPL), a joint venture between the Centre and De Beers Centenary Mauritius Ltd (DBCML) which supplies rough diamonds to the processing industry.
“The winding up of HDCPL is not likely to affect supply of rough diamonds to Indian diamantaires as the domestic industry has grown in these years and several Indian players are sight-holders with top diamond producers now,” said an official release circulated on Wednesday.
HDCPL, set up as a 50:50 joint venture between the Government and De Beers in 1978, has the primary objective of serving the small and medium diamond jewellery exporters, who have no direct access to rough diamonds. The diamonds are being supplied by Diamond Trading Company (DTC), London, the marketing arm of De Beers.
The Special Notified Zone (SNZ) at Bharat Diamond Bourse, Mumbai, set up in 2015, is also enabling smaller Indian players have direct access for supply of rough diamonds.
“Foreign mining companies display their rough diamond lots to Indian manufacturers and then take them back. Sales are then carried through e-auction from offices situated in other countries to manufacturers in India,” the release said.
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