Amreli diamond auction generates Rs 3 crore in one day, draws over 300 buyers
The ADA, according to the people familiar with the development, had been working on the auction for the last two months, contacting diamond traders and merchants of Gujarat and Mumbai, and inviting them to come to Amreli.
The auction was held in the Bombay Market of Amreli town in Saurashtra, on Saturday.
The association had invited diamond traders from Surat, Bhavnagar, Jasdan, Botad, Junagadh, Ahmedabad and Mumbai. In the day-long auction, which started at 10 am and finished at 8pm, the buyers were given ample time to check the diamonds, said sources. On Monday, the diamond traders and manufacturers of Amreli met ADA President Lalit Thummar and shared the details of the total business done on Saturday. During the meeting, a decision was taken to organise the auction every Saturday.
ADA President Lalit Thummar said, 'Over 300 buyers from different parts of Gujarat and Mumbai took part in the auction on Saturday and purchased diamonds worth Rs 3 crore. A good response was recorded. Since diamonds are cheaper in Amreli, traders from other areas visit the district to purchase diamonds. Also, the trade is conducted in cash.'
'In other districts, the diamonds are sold, and payment is done within 90 to 120 days. Here, we have adopted strict rules for cash sales. A polished diamond from the manufacturer reaches the broker, followed by the trader, who sells the diamond to the jeweller or diamond traders of other districts. At every step, the middleman keeps one to two per cent as his commission. If a diamond is sold at Rs 20,000 per carat, the traders will get Rs 16,000 to Rs 15,000,' added Thummar.
'Earlier, the traders had to compromise on prices while doing business,' he said.
He further added, 'We are in contact with the diamond merchants of different markets across the state. Next week we are going to organise the auction on Friday as there is a festival on Saturday. We are also planning to construct a building for holding the auctions. The building will also have the facility of accommodation and lockers for the visitors.'
According to the ADA, there are over 940 small and medium-level diamond factories in Amreli district, where over 50,000 artisans work as diamond polishers.
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