Surat diamantaires to visit Zimbabwe on rough gems trail

It is 'Mission Zimbabwe' for Surat Diamond Sourcing (India) Limited (SDSL), the company promoted by Surat diamantaires for direct sourcing of rough diamonds from miners. Less than a month after its formation, a high level delegation of the company and industry leaders, will be visiting the African nation to explore rough sourcing opportunities.

The delegation will consist of 25 - 30 people, including SDSL office bearers, diamond trade representatives and bankers. Officials of Confederation of Indian Industry (CII), which is organising the visit, will also be a part of the touring party.

"We at SDSL are keen to establish a long-term relationship with Zimbabwe, which is going to be a key producer of rough diamonds in the future. We want to have a long-term direct sourcing arrangement, and this is what we will convey to the authorities concerned during our meetings," SDSL chairman, Ashit Mehta, told DNA.

The delegation will visit Zimbabwe between September 27 and 30 and is scheduled to meet companies engaged in diamond mining in Zimbabwe, government officials and ministers.

"The upcoming visit is aimed at introducing SDSL to Zimbabwe. We want to explore all opportunities for direct sourcing of rough diamonds," said Aagam Sanghavi, who is actively involved with the functioning of SDSL.

SDSL, which will enroll other industry players as members, is eyeing a war-chest of Rs1,000 crore in a year. The massive funds will enable the company to purchase rough diamonds in large quantities, which will then be sold to its members on tender basis.

"With this kind of funds, we will be in a position to talk with any mining company or government for purchasing rough stones directly," averred, Mehta, who is also MD of Blue Star Diamonds.
Though modalities such as structure, policies, mode of operations, among others, are still being worked out, the industry's response to SDSL has been tremendous.

"Already, 40 diamond companies have confirmed their membership in SDSL, and they will contribute Rs5.40 crore each. We are expecting many more members to join us," Sanghavi said further.