India's diamond industry is set on Botswana's capital Gaborone as De Beers shifts its rough diamond sales operations there from London, Times of India reported. Come November 2013, De Beers sightholders will begin flying to Gaborone 10 times a year to buy diamonds.
"For us, visiting Gaborone will be advantageous. We could participate in the annual sales and then fly to Johannesburg for buying big-sized rough diamonds," said a De Beers sightholder.
In the contract period from 2012 to 2013, about 33 out of the total 75 sightholders are Indian companies. With the addition of four Indian sightholders in April 2013, the total number of India sightholders has gone up to 37.
De Beers holds about 10 rough diamond sales per year. About 55 percent of the goods end up in India, while sightholder companies keep a certain amount of goods for processing and value addition, the rest of the goods would be sold in the open market to the small and medium unit owners on premium price.
Dinesh Navadia, the president of the Surat Diamond Association, told TOI, "Dubai is set to become the hub of rough diamond trading, leaving behind Antwerp, as most of the De Beers sigtholders would visit Gaborone via Dubai."
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