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Diamond traders had been lobbying with Prime Minister Narendra Modi to cut the middlemen in the trade by setting up an SNZ.

Diamond traders will be able to directly bid and buy from the miners, enabling them to do away with middlemen and save on transaction cost.

India's diamond exports are expected to remain flat at best this fiscal year as a weak rouble and low oil prices softened demand from the k...

The government is expected to announce special notified zones (SNZ) for diamond miners in the union budget next month, officials said.

As the US, Europe markets are not so attractive due to fall in demand, India's diamond industry is focusing on the Chinese market.