Kiran Exports, Bhansali & Co., Mine Stone, and Tara Jewels -all in Mumbai, India– are among 11 added to the new sightholder list release by the Diamond Trading Company
Barring Tara Jewels, the other three were accepted after two application attempts. However, late in the day on June 9, all four were happy that they had been included in the sightholder list.
Speaking with Rapaport News all the four said that their hard work paid off, including elaborate presentations to DTC in order to get the sight. Neerav Bhansali, partner in Bhansali & Co said that it took them lot of effort, but now that they were on the new list, “exciting times lies ahead.”
When asked whether the market could absorb the period price hike that DTC announces every now and then, Bhansali said that the demand was high even though margins would be low.
Sameer Mehta, partner in Mine Stone said that they were basically dealing in fancy rough, and during its first application attempt, DTC did not have the required goods. But this time, they offered many plans in the pipeline. On the increasing price of rough, Mehta said that the reports from recently held show in Las Vegas were not too good. “I do not know if the market can absorb price hikes. Margins will suffer,” he said. .
Jayesh Shah, manager of Kiran Exports, said they were lucky. “Last time, we were rejected as we did not have a jewelry factory, but now we have one at Santacruz Export Zone in North West Mumbai,” Shah said, adding that it would be difficult for the market to absorb any further price hike.
Nalini Rajan, vice president of Tara group was ecstatic. “Believe it or not, we took a month in preparing the presentation, but we worked really hard. And this is the first time we applied and we are in (the list,)” said Rajan. The choice of Tara Jewels (which is a part of the Tara group) in the new DTC sightholder list came as a surprise to many, because they do not have manufacturing capacity. “But we are confident of the market. We know the intricacies and we have a 100 percent export oriented unit. As far as manufacturing is concerned, it is not difficult. We can have contractors. We are proficient in the marketing department and DTC believes in us,” said Rajan