1986 - The Company was incorporated on 10th November, as a Public
Limited Company and obtained the Certificate of Commencement of
Business on 6th February, 1987. It was promoted by Chandrakant
M. Bhansali, Batuk P. Shah, Mrs. Rita K. Bhansali & Others. The
Company imports rough diamonds for processing and export of cut
and polished diamonds.
- The Company, originally was incorporated in the name of VXL
Diamonds (India) Ltd. The main activity of the company is to
import rough diamonds and to process and export cut and polished
diamonds. The Company is a 'Sight Holder' of the Diamond Trading
Co. (Pvt.) Ltd., London (DTC). The Company is thus assured of a
regular supply of rough diamonds. Besides marketable diamonds,
the Company also proposed to produce 'Sawn' diamonds which are of
a substantially higher value.
1988 - 70 No. of equity shares subscribed for by signatories to
Memorandum of Association. 34,99,930 No. of equity shares then
issued at par of which 13,99,930 shares were reserved and
allotted to promoters, directors etc.
- Of the remaining 21,00,000 No. of equity shares the following
shares were reserved for allotment on a preferential basis:
- (i) 12,25,000 shares to NRIs (all were taken up) and
- (ii) 1,75,000 shares to employees (including Indian working
directors)/workers of the Company (only 63,300 shares taken up).
- The balance 7,00,000 shares along with 1,11,700 shares not taken
up by the employees were offered for public subscription during
1990 - Sales declined due to unfavourable international market, the
recession in U.S.A. and the Gulf war.
1992 - Production further declined to 1,32,397 cts. but turnover
improved substantially by 33%. However, the growing competition
and the inability to fully recover the cost increase led to a
decline in profits.
- The company received permission from the Government to set up a
jewellery manufacturing unit at SEEPZ, Mumbai, exclusively for
export of studded gold jewellery. Steps were taken to implement
the studded jewellery project.
1994 - As a result profitability also declined due to recession in
international market and increase in competition.
2001 - The Company has signed an agreement with CDSL & NSDL for
- Classic Diamonds India Ltd has informed that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has appointed Mr Hiren Shah as Whole Time Director in place of Mr Ashok Ashar.
- The Company has splits its face value from Rs10/- to Rs2/-.