The Indian diamond industry is looking forward to the transfer of De Beers diamond sales from London to Gaborone, the Times of India writes. Since November 2013, De Beers sightholders will start flying in Gaborone 10 times a year to purchase rough diamonds.
"For us, a visit to Gaborone means a number of advantages. We could participate in sales, and then fly to Johannesburg to buy large diamonds, "said one of the De Beers sightholders.
In the contract period of 2012-13, out of 75 sightholders, 33 companies are of Indian origin. With the addition of four Indian sightholders in April 2013, the total number of Indian companies increased to 37.
De Beers spends approximately 10 sales of rough diamonds a year. About 55% of the goods ultimately settle in India, and large sighted companies leave part of the goods for processing and creating added value, selling the remaining raw materials with a mark-up on the open market among medium and small enterprises.
The president of the Surat Diamond Association, Dinesh Navadia, said: "Dubai could become the center of diamond trade, ahead of Antwerp, as most De Beers sightholders will fly to Gaborone via Dubai."