18 Institutes for Certification, Grading of Diamonds

New Delhi: The government has authorised a Surat-based institute to provide certification and grading of diamonds.

Surat-based International Institute of Diamond Grading and Research India Pvt Ltd is the new "laboratory added for purpose of certification/ grading of diamonds of 0.25 carats and above", the Directorate General of Foreign Trade (DGFT) said in a notification.

Other institutions in the list include GIA Hong Kong Laboratory Ltd, Gemological Research (Thailand), GIA Education and Laboratory (Pvt) Ltd. Johannesburg and Antwerp-based Forevermark NV.

The development assumes significance as India is the world's largest manufacturing centre for cut and polished diamonds, while Russia is the world's largest producer of diamonds. India contributes 70 per cent to the world's supply in terms of value, 85 per cent in terms of volume and 92 per cent in terms of pieces.

Surat along with Navsari, Bhavnagar, Amreli are known as the diamond manufacturing/processing hub whereas Mumbai is the diamond trading hub.

On the sidelines of World Diamond Conference, held in December last year here, ALROSA, the largest rough diamond supplying company of Russia, signed agreements for direct sale of rough diamonds with 12 Indian companies.

Under these agreements, over the next three years, $2.1 billion worth of rough diamonds would be supplied to India at the rate of $700 million per year.