Kagem mining that hails from Zambia has organized a four day emerald rough stone auction in Jaipur’ Clarks Amer hotel. This was for the first time any manufacturer of rough stones has planned an auction in Jaipur. Pink city being one of the largest markets of emerald appreciated and actively participated in the event. 120 companies registered in the auction. The event, which was scheduled to conclude on September 8, has been extended to September 9 due to the overwhelming response of the visitors. Govind Gupta, the owner of Kagem viewed Jaipur as a huge market and plans to have 4 to 6 such auctions in a year.

As Zambian emeralds are one of the finest quality stones, many traders have been traveling to Zambia to get superior quality product but a lot of small traders were often deprived of such quality, “My idea of having an auction here was to enable these traders to see, examine and buy products directly from the manufacturer” says Govind Gupta. Reportedly, the auction will reap a turnover of 20 – 25 crores.

Traders can also bid for small lots, which has become an attracting feature. The visitors appreciated this move by Kagem and wished to have such auctions not only for emerald but for other stones too.

Govind Gupta recommended support from the government, “There should be bonded zones where manufacturers can come and sell their products without facing any hassles of import duties and customs. If import policies are relieved more manufacturers would come which will increase the cut stone trade eventually in return boosting the economy growth”, he said.