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Soft Sales at SRDSIL Rough Tender

Indian diamond consortium sells only half the rough goods placed on offer in February.
Feb 13, 2012 2:54 AM   By Rapaport News
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RAPAPORT... The second rough sales held by Surat Rough Diamond Sourcing (India) Ltd. (SRDSIL) received a lukewarm response on Saturday, the Times of India reported.

The flow of low-quality goods from Zimbabwe  could be one of the reasons behind the tepid interest shown at the auction by diamantaires, the report cited unidentified industry sources as saying.

The report noted that the Indian diamond consortium presented about 300,000 carats of low-quality  goods - sourced from Russia, South Africa and Zimbabwe, among others - valued at more than $6 million (INR 300 million) for tender over the weekend.

Aagam Sanghavi, a spokesperson for SRDSIL, told the Times of India that SRDSIL sold 21 of 31 lots for $3 million with about 51 percent of the goods sold to small and medium sized diamantaires and rough dealers.

In January, SRDSIL held its first online rough auction which achieved sales of $17.2 million (INR 860 million).

Tags: Aagam Sanghavi, auction, diamonds, Rapaport, Rapaport News, rough, Rough Diamonds, SRDSIL, tender
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