| Date: |
11-03-2015 |
| Subject: |
Synthetic diamond takeaway: Surat orders online from China |
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SURAT: Global online shopping sites have become popular among the diamantaires in the diamond hub of Varachha and Katargam for hassle-free sourcing of synthetic High Pressure High Temperature rough diamonds from China, Hong Kong and Singapore.
There are dozens of Chinese dealers-cum-manufacturers who use the online platform of reputed global shopping websites to connect with their Indian counterparts in the world's biggest diamond cutting and polishing centre in Surat.
Chinese dealers depict the pictures of synthetic rough diamonds, including their specifications such as carat, size, colour, quantity and price for the bulk supplies above 25 carats on the online websites. Once a buyer from India agrees to the specifications listed on the website, the goods are delivered to Surat via Delhi and Jaipur. Most of the synthetic rough diamonds listed on the websites are available below 20 cent sizes and priced at $50 to $100 per carat.
Market sources said China, Singapore and Dubai are the centres for manufacturing synthetic rough diamonds using the chemical vapour deposition (CVD) and the HPHT chemical process in the laboratories. The diamonds are then sold to dealers in Hong Kong, China and Singapore for further bulk supplies in the cutting and polishing centres in India, especially Surat.
Industry sources said the laboratory-grown diamond production constitutes a miniscule proportion of the world's rough production - approximately 350,000 carats - compared to over 125 million carats of mined roughs.
Recently, the Gems and Jewellery Export Promotion Council (GJEPC) made a representation to the central government seeking import duty on synthetic rough diamonds to monitor legal and illegal entry of synthetic diamonds into the country. At present, import of any type of rough diamonds in the country, be it synthetic or natural, does not attract any duty.
"There is no effective monitoring on the amount of synthetic diamonds coming into the country and nothing much can be done. The global shopping sites have become a well established link for the buyer and seller," a diamantaire said.
Surat Diamond Association president Dinesh Navadia said, "Importing synthetic diamond is not a crime. But, it is illegal to process the synthetic diamond and sell it in the market without disclosure. I am attending a meeting of Natural Diamond Monitoring Committee set up by the GJEPC to discuss the recent incident of seizure of synthetic diamonds from the city."
Source : timesofindia.indiatimes.com
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