Surat | Jul 15, 2015: It is presumed that big rough diamond companies will set up offices at the SNZ and offer their diamonds directly to the SMEs. The SMEs, in turn, will have the option not to buy from secondary suppliers and bid directly from primary suppliers, thereby saving on commissions earned by middlemen. SNZ has been approved by the Central Government.
Will the setting up of Special Notified Zone (SNZ) for rough diamonds be a game changer for the small and medium diamond units in Surat? It is presumed that big rough diamond companies will set up offices at the SNZ and offer their diamonds directly to the SMEs. The SMEs, in turn, will have the option not to buy from secondary suppliers and bid directly from primary suppliers, thereby saving on commissions earned by middlemen. SNZ has been approved by the Central Government. It will be set up at Bharat Diamond Bourse (BDB) at Bandra Kurla Complex (BKC) in Mumbai in August. The SNZ is expected to sell over $3 billion worth of rough diamonds per annum through auction sales. At present, small manufacturers fly to Antwerp and Dubai for bulk purchases of rough diamonds from diamond dealers.
(Source: http://www.nyoooz.com/)