CCEA approves winding up of Hindustan Diamond Company

NEW DELHI: The Cabinet Committee on Economic Affairs ( CCEA) on Wednesday approved the winding up of Hindustan Diamond Company ( HDCPL), a 50:50 joint venture of the Department is Commerce and De Beers Centenary Mauritius (DBCML).

"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," said an official release.

Incorporated in 1978, the company used 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.