India’s first gems auction house opens in Gujarat's Surat Navratna Gallery, a first-of-its-kind auction house dealing in all categories of gems and jewellery, started its operation in the city, as per a Times of India report.
Interestingly, the gallery’s first pre-auction exhibition of lab-grown diamonds was held in the city which is globally known as the natural diamond capital.
The auction house is spread across a 2,700 sq ft area and considering the high-value products on display here, it is insured for Rs 300 million.
“Any product falling in the category of gems and jewellery can be put up for auction here, including lab-grown diamonds. There is no such common platform available in the country,” said Dinesh Navadiya, regional chairman GJEPC.
The auction house will provide a common platform for multiple sellers and buyers. “Foreign sellers can show their product to buyers in Surat at the auction house. Local buyers can examine the products physically and also bid for them without having to visit the foreign country,” Navadiya added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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