Hindustan Diamond Company Private Limited to be wound up

The winding up of HDCPL is not likely to affect supply of rough diamonds to Indian diamantaires

GN Bureau | September 21, 2016


#Hindustan Diamond Company   #diamonds   #Narendra Modi   #cabinet  

 A meeting of the Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL), a 50:50 joint venture of the government of India and De Beers Centenary Mauritius Limited (DBCML). 

The HDCPL was incorporated under the Companies Act, 1956 in 1978. The objective of formation of the company was to supply rough diamonds to diamond processing industry in India, particularly to small and medium diamond jewellery exporters, who had no direct access to rough diamonds from Diamond Trading Company (DTC), London, the marketing arm of De Beers who held a very large chunk of world’s rough diamonds market. 
 
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. 
 
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. 
 
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 them back. 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 to  supply of rough diamonds.
 

Comments

 

Other News

Maharashtra schools to reopen on January 24

Maharashtra has announced the reopening of schools for classes 1-12 from January 24 with Covid protocols. Education minister Varsha Gaikwad said on Thursday that the government will reopen schools for classes 1-12th with Covid protocols from January 24. “We have also decided to open p

No irregularly in appointment of engineer: BMC counters BJP MLA

The BrihanMumbai municipal corporation (BMC) has rejected BJP MLA Ameet Satam’s demand in a letter to BMC commissioner Iqbal Chahal to cancel the appointment of Sunil Rathod, deputy chief engineer, building and proposal department, western suburbs, for getting caught red-handed accepting bribe by ACB

Cast your vote, not vote for caste

Once the schedule for the next assembly elections has been announced, there is a flurry of activity around building caste coalitions. This is more intense in the most populous state,  Uttar Pradesh, which is the most important state in India in any election, in view of its large population estimated a

Maharashtra cities dominate Smart Cities Mission #Streets4People Challenge

In a competition organised by the Ministry of Housing and Urban Affairs (MoHUA), Pune, Pimpri-Chinchwad, Nagpur and Aurangabad from Maharashtra are among the 11 cities selected for scaling up their pilot projects and creating permanent public infrastructure. #Streets4People Challenge was org

CNC, Admiral R Hari Kumar condoles deaths of three navy personnel

The three Navy personnel who succumbed to injuries caused by an explosion on board Indian Navy`s destroyer ship INS Ranvir have been identified as Krishan Kumar MCPO (master petty chief officer)I, Surinder Kumar MCPO II & AK Singh MCPO II. In a condolence message, Admiral R Hari Kumar s

Two Indias: One for the billionaires, one struggling for minimum wages

Oxfam India has this week released ‘India Supplement 2022’ with deserving caption ‘inequality kills’. The supplement discusses India’s governance structures that promote the accumulation of wealth by a few, while failing to provide safety netsto the rest of the population. The

Visionary Talk: Farmer`s Agitation, Rakesh Tikait with Kailashnath Adhikari


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter