White Pine Diamonds, which sells recycled diamonds, is conducting the first auction of second-hand polished diamonds in Mumbai in August, Israelidiamond.co.il reported, citing IDEX Online.
At the auction, which runs from 12 to 14 August, will be exhibited about 40,000 carats of diamonds of secondary use of various sizes, shapes of cut and quality characteristics, including small stones, certified and uncertified diamonds.
The sale of reused diamonds in the world's largest center is an important event, as some participants claim that there is no secondary gem market.
"India is the largest and one of the most important global diamond markets," said Myles Schakler, director of sales at White Pine. "By choosing Mumbai as the venue for the auction, we have access to a huge segment of the diamond industry, many of whose members do not have the opportunity to attend our auctions in the US or Hong Kong."