INDIAN JEWELLER

Platinum Jewellery market to grow further 35% in 2014 in India

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Post By : IJ News Service On 02 May 2014 3:49 PM
Reports say that Tanzania has closed the shutters of its diamond sorting firm’s offices in London and has relocated its operations to Dar es Salaam. The sorting firm operated in London by the name of Tanzania Diamond Sorting (Tansort), reports say. %% The initiative of closing London operations is closely knit with Petra Diamonds buying the stake held by De Beers in the Williamson Diamond Mine. In 2008, Petra Diamonds acquired 75 percent stake in Williamson Diamond Mine from De Beers, for a value of $10 million. Petra then renamed the company to Williamson Diamond Ltd., in which the Tanzanian government is a 25 percent stakeholder. %% Also, Tansort was established in the 1960s to assess price of diamonds exported from Williamson Diamond Mine to the United Kingdom, for which it collected 5 percent royalty on behalf of the government. Now, with Petra owning 75 percent stake in William Diamond Ltd., and directly selling diamonds overseas, the need for Tansort to operate in London was not felt, reports add.

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