India is fast emerging as a diamond trading centre besides being the world's largest cutting and polishing destination.

It is also set to be the second biggest finished diamond sourcing base after Belgium in the next decade. Marc Brauner, chief laboratory officer, International Gemological Institute, is confident of India emerging as a diamond trading centre.

In an interview with Business Standard, he said, "Buyers in Hong Kong are increasingly looking to source their finished diamond needs directly from India rather than going to Belgium."

Earlier, Antwerp used to be a trading and polishing diamond capital of the world. Now it is restricted to trading with India and other countries emerging as top polishing destinations. India has largest number of DTC sight holders and is provided larger stones than before.

The domestic diamond consumption of larger stones has also gone up in the country. Private consumption of valuable diamonds is on the rise. Historically, too, compared with most countries, diamonds have been popular in India.

China is nowhere as far as small diamonds is concerned. China has been doing well in the larger stones because of a late entry into the cutting and polishing business, and has acquired the latest technology. Moreover, China itself is not a significant consumer unlike India.

However, India, because of being a diamond manufacturing base for long, is already skilled and has tremendous expertise. The knowledge is powerful and the Indian industry is now getting more organised, giving an edge over its previous image.

"Earlier the quality of processing was poor but now the tables have turned. Belgium, the world's home to diamond trading, exports roughs to China which is re-exported back after processing. On the other hand, India is already a source for buying finished diamonds."

Most diamond traders have offices in Belgium, so it will continue to be so as it can offer a variety of stones in all shapes and sizes.

However, India is now fast catching up in offering variety with most diamond processors upgrading their facilities technologically.

"There are several smaller diamond traders in India who have variety to offer but do not have offices in Antwerp. The global diamond buyer has realised that and is increasingly coming to India to enhance his choice," Marc Brauner said.

He has been grading diamonds and coloured stones, conducting IGI's diamond grading courses and overseeing laboratory operations for the past 14 years.

Brauner's core responsibility is to provide technical assistance to all IGI's laboratories worldwide, for which he periodically visits all IGI laboratories in order to maintain uniformity in grading.

As such, he is privy to the global output of polished diamonds, coloured stones and jewellery and is an authority on diamond certification.