Recycled diamond firm says move is a positive for UK trade prices.
Diamond recycling company White Pine Trading is set to host its first auction in Mumbai, India, as the business expands into a new global market.
White Pine launched in the UK in 2012 offering retailers, brands and manufacturers a chance to sell on old stones or buy up recycled stones for use in jewellery designs at competitive prices.
The company’s Mumbai sale will be open to the trade from August 12 to 14, featuring approximately 40,000 carats of recycled melee, breakout and single stones, both certified and non-certified, in all shapes, sizes and qualities.
White Pine’s director of sales Myles Schakler said: "India is one of the largest and most important diamond markets in the world. Hosting this special event in Mumbai, the country’s diamond capital, underscores our commitment to providing well-sorted recycled diamond parcels to satisfy the demands of buyers and sellers globally.
"In selecting Mumbai for this event, we are reaching an even larger segment of the diamond industry that would otherwise be unable to attend our regularly scheduled events in the United States and Hong Kong. We are excited to be opening up to this market and look forward to establishing relationships with both buyers and sellers in the region."
The sale will be one of the first auctions since the Indian import and export restrictions were brought in for diamonds. The sale will be carried out in a free trade zone in Mumbai and goods will have to be exported back to the US and then re-imported if purchases are made by Indian clients.
White Pine’s European director Tim Phillips said: "It’s a big move for us; India is where most of the smaller melee diamonds are re-cut and sorted for resale into the manufacturing industry, and is therefore enormously important geographically for us. The melee trade has been traditionally dominated by Indian companies, so we are the exception to the rule. But with a wider geographical footprint for distribution, we expect to achieve better prices, and will therefore be able to pass on better prices to our customers in the UK."
The sale will be held in the Seepz at the Gems & Jewellery Complex-II.