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21
September 2016
The government on Wednesday said that it is
initiating the process of winding up Hindustan Diamond Company (HDCPL). The Total Investment & Insurance
Solutions
The decision was taken by the Cabinet
Committee on Economic Affairs (CCEA), to wind up the 50:50 joint venture
company of the government of India and De Beers Centenary Mauritius
(DBCML).
"The winding up of HDCPL is not likely
to affect supply of rough diamonds to Indian diamantaires as Indian diamond
industry has grown in these years and several Indian players are sightholders
with top diamond producers now," an official statement from the CCEA said.
"Also, with the objective to facilitate
the constant supply of rough diamonds and to make India an International
Diamond Trading Hub, the government has created a Special Notified Zone (SNZ)
at Bharat Diamond Bourse, Mumbai, in 2015." The Total Investment & Insurance Solutions
The CCEA statement elaborated that at
present, viewing operations are being carried out in the SNZ at Mumbai --
wherein Foreign Mining Companies (FMCs) only display their rough diamond lots
to the Indian manufacturers and then take these back. The Total Investment & Insurance Solutions
"Thereafter, the sales are carried
through e-auction from offices situated in other countries to Indian
manufacturers. This facility has enabled even smaller Indian players to have
direct access of supply of rough diamonds," the statement said. The Total Investment & Insurance
Solutions
The company was incorporated in 1978 under
the Companies Act, 1956.
The company was formed to supply rough
diamonds to processing industry in India, particularly to small and medium
diamond jewellery exporters.
The small and medium diamond jewellery
exporters had no direct access to rough diamonds from Diamond Trading Company
(DTC), London -- the marketing arm of De Beers, which held a very large chunk
of the world's rough diamonds market. The Total Investment & Insurance Solutions
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