KARP to cut and polish 128.47-carat rough

KARP Impex, a DTC sightholder recently won a 128.47-carat rough diamond worth $12.13 million (Rs 58-60 crore) in an auction held at Tender House in South Africa, marking itself into the league of extraordinary achievements. The rough has been mined from the Orange River in South Africa, and has been the most expensive and the largest stone to be bought by an Indian company, so far.

KARP is preparing to cut and polish the stone at its in-house facility in India, and expects the rough to be more than 50 carats after cutting and polishing. Speaking on this Mr. Nirav Virani, Director, KARP Impex said, “We are establishing a stronger in-house R&D department equipped with new software, machinery, capable of handling a stone of this size and quality. We do deal in 30 plus carat stones, but it is for the first time that a piece of such high quality has come our way.” The new cutting and polishing set up as Mr. Virani explains will help boost the company’s portfolio into larger carat stones, beyond what it has been catering to so far. It is likely to be ready within two months. This feat exemplifies the ability of the Indian cutting and polishing centres to expand its image of catering to only small sized diamonds.

KARP has set a target to complete cutting and polishing the stone within three to four months and is likely to give the stone a name, although, it is yet pondering on the name.

When ready, the diamond is likely to be auctioned. Explaining this Mr. Virani said, “We are planning to auction the diamond sometime early next year, in Asia.” The present slowdown in the economy does not deter the positivity that the diamond will yield good results at the auction, as Mr. Virani says, “The diamond buyers will be the investors or the ones of royal family lineage, who have very high disposable income. We are in talks with Sothebys and Christie's for the auction.”