The De Beers Group released a list of 82 sightholders for the next year. Four of the five new sightholders added to the De Beers list for 2014-15 are Indian companies: Star Rays, Vallabhbhai Danjibhai & Co, JB & Brothers and D. Navinchandra Gems. These companies will be able to purchase rough diamonds from De Beers during the 2014-15 fiscal year. All new sightholders previously participated in online auctions organized by Diamdel from the De Beers group. Diamdel sells about one-tenth of De Beers' total diamond output, the Business Standard writes.
The choice of Indian companies is not surprising, since India is the world's largest producer of diamonds and cuts and polishes the largest volumes of diamonds of all sizes. "We purchased raw diamonds through participation in online auctions organized by Diamdel, Rio Tinto and the Russian diamond mining company ALROSA. Now, after including our company in the number of sightholders, we will be able to buy diamonds directly from De Beers, which will ensure a higher profit margin, "said Samir Shah, Managing Director of Star Rays.