Mumbai: The first auction of rough diamonds at the newly set up India Diamond Trading Centre (IDTC) in the Special Notified Zone (SNZ) at Bharat Diamond Bourse (BDB) will be held from November 21 to 25, according to media reports.

The 4,000 square feet of SNZ facility, which has world-class amenities, will facilitate direct sourcing of rough diamonds to small and medium diamond manufacturing members of Gems and Jewellery Export Promotion Council (GJEPC) and BDB.

Around $16 billion worth of rough diamonds are imported every year by India. While 70 per cent of diamonds are supplied by mining companies, the rest are purchased from open markets in Antwerp and Dubai. The participants in the auction however will be selected by respective mining companies.