CCEA approves winding up of Hindustan Diamond Company Private Limited
Posted on:22 Sep 2016 18:24:32
22 September 2016 Current Affairs GK: The Cabinet Committee on Economic Affairs (CCEA) has given its approval for initiating the process of winding up of Hindustan Diamond Company Private Limited (HDCPL).
The winding up of HDCPL will not affect supply of rough diamonds to Indian diamantaires as Indian diamond industry has grown in these years.
Besides, the HDCPL had become inconsistent with changing times to facilitate the constant supply of rough diamonds and to make India an International Diamond Trading Hub.
Hindustan Diamond Company Private Limited (HDCPL) : HDCPL was a 50:50 joint venture of the Central Government and De Beers Centenary Mauritius Limited (DBCML).
It was incorporated under the Companies Act, 1956 in 1978 to supply rough diamonds to diamond processing industry in India. Its objective was to supply rough diamonds particularly to small and medium diamond jewellery exporters, who had no direct access to rough diamonds from Diamond Trading Company (DTC), London.
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