Amreli diamond auction draws over 300 buyers, generates Rs 3 crore in one day

The Amreli Diamond Association (ADA) in Gujarat (India), organised its first-ever auction of cut and polished natural diamonds, achieving sales of over 4,700 carats of diamonds worth Rs 3 crore in a single day. The auction drew over 300 buyers from Gujarat and Mumbai, with traders and manufacturers selling diamonds on a cash basis.

The ADA, according to the people familiar with the development, had been working on the auction for the last two months, contacting diamond traders and merchants of Gujarat and Mumbai, and inviting them to come to Amreli.The auction was held in the Bombay Market of Amreli town in Saurashtra, on Saturday.

The association had invited diamond traders from Surat, Bhavnagar, Jasdan, Botad, Junagadh, Ahmedabad and Mumbai. In the day-long auction, which started at 10 am and finished at 8pm, the buyers were given ample time to check the diamonds, said sources. On Monday, the diamond traders and manufacturers of Amreli met ADA President Lalit Thummar and shared the details of the total business done on Saturday. During the meeting, a decision was taken to organise the auction every Saturday.