The Surat-based Arjav Diamonds, a branch of the Blue Star Diamond Company, is planning to hold a week-long rough diamond auction starting on June 1, news outlets report.

Arjav is a Diamond Trading Company (DTC) sightholder, and all sales will be conducted in accordance with DTC regulations. In total, over $22 million worth of rough diamonds are being put up for auction, including a selection of larger stones ranging in size from 5 to 100 carats. All the diamonds carry Kimberley Process certification.

Diamond companies seeking to bid in the auction must register through the company's website (www.arjavbids.com) between May 30 and June 7. According to Blue Star Diamonds Chairman Asit Mehta, over 200 firms have already confirmed participation.

Mehta noted that by holding an auction, rough diamonds would be sold for their "true price" and the process would be completely transparent.