Surat : For the first time, the diamond city will be witnessing the auction-cum-sale of the polished lab-grown diamonds with the main objective to cater to the ever-increasing demand from the customers in the U.S starting from Tuesday.
A city-based lab-grown diamond manufacturer, Jaykar Group, has organised the polished lab-grown diamond auction-cum-sale at the Navratna gallery at Titanium Square in Sarsana. This is the first auction house opened up by the Gems and Jewellery Export Promotion Counil (GJEPC) for the gems and jewellery articles including diamonds and lab-grown diamonds..
In the auction process organized by Jayakar Group, each diamond is assorted according to its size, color, clarity, shape, certified and non-certified etc. for the convenience of the bidders.
There was a time when Surat had earned a bad name for the unethical mixing of lab-grown diamonds with the natural polished diamonds. The GJEPC had formed a committee to check into the undisclosed mixing of the lab-grown diamonds.
Also, the diamond traders in the diamond markets in Mahidhapura and Varachha purchased the lab-grown diamond detection equipment to ensure that the polished diamond they are purchasing are all naturals, without a single piece of lab-grown diamonds in them.
Elaborating further, Jayakar Group Chairman Nareshbhai Parikh and Chintanbhai Parikh said that the demand for lab-grown diamonds has increased tremendously in the last two to three years and the market in Surat is also slowly gaining momentum. The supply of lab-grown diamonds produced in the laboratory is limited, and there is a huge demand for it abroad, especially in the US market.
Naresh Parikh told TBT, “Keeping in view the upcoming festivals and the growing demand in the coming days, a public auction of lab-grown diamonds polished diamonds has been organized by Jayakar from September 28 to October 1. In this process, more than 70 sellers and 45 buyers have registered on the first day itself.”
Lab-grown polished diamonds will be assorted this way
Nareshbhai Parikh of Jayakar said, “We are organizing the public auction of lab-grown diamonds for the first time in Surat. All the polished diamonds have been certified and certified in their size, color, clarity, shape, certification to facilitate buyers in the auction of lab-grown diamonds held in Surat. Participants will be able to see the specifications of each diamond as seen in the pre-auction viewing. And based on that, they will bid the right price”