Surat Rough Diamond Sourcing India Ltd (SRDSIL), a new rough diamond sourcing consortium that launched last October, is hoping to hold its first auction of rough diamonds in July, the Times of India reports.

SRDSIL was formed to import diamonds from Zimbabwe to India – and to that end signed a $1.2 billion deal with Zimbabwe's government to provide training in the diamond trade for 1,000 young Zimbabweans in exchange for a steady supply of rough product – but has remained somewhat inactive due to the ongoing embargo on international trade in Marange diamonds.

However, the consortium is now looking at other diamond producing nations as potential sources of rough product. According to SRDSIL Chairman Amit Mehta, talks with Alrosa are in "the final stages" and the Indian group thinks it might secure a long-term supply contract with Russia's state-owned diamond company.