Arjav Auction Opens Big Window for Small Dealers

(IDEX Online News) – Over 70 of the 120 bidders at the first online rough diamond auction held by Arjav Diamonds were small dealers who were able to successfully compete for rough against large operators, an Arjav spokesman told IDEX Online.

“The fact that many of the stones had already been through process planning on the Sarin Galaxy machine was a great boon to many small operators who otherwise don’t have access to this kind of technology,” the spokesman said, noting that successful bidders were given the process-planning CD along with the stone.

Arjav says that despite processing 90% of the diamonds that are cut and polished in India, Surat has direct access to only 10% of the rough — the rest comes through Mumbai, which acts as the importation and sorting center.

The online auction, which offered the rough diamonds in Surat, set another precedent by giving Surat manufacturers direct access to large rough, the company said.

Out of the 60 lots put up for auction — all 5 carats and above — 46 lots were sold, generating around $12.5 million. The largest stone in the auction was the 74.70 carat “Star of Surat.” The diamond was successfully bid for as was the 61 carat "Star of Gujarat."