Classic Diamonds was incorporated in Nov.'86 as a public limited company in Mumbai, Maharashtra. It obtained the certificate of commencement of business in Feb.'87. Originally, it was incorporated in the name of VXLIN Diamonds (India). To avoid being confused with an existing company having a similar name, the company was subsequently renamed Classic Diamonds (India). The new name was approved by the Registrar of Companies in May '87. The company was promoted by C M Bhansali, B P Shah, Rita. The company's main activity is of importing rough diamonds and processing and exporting cut and polished diamonds. Later, the company undertook a vertical integration programme and diversified into diamond studded jewellery. The company is a sight-holder of the Diamond Trading Company, London. Therefore, it is assured of a regular supply of rough diamonds in the required quantities. Besides makeable diamonds, it also produces sawn diamonds which are substantially higher in value. Its factory premises are situated in Surat and Mumbai. The benefits will be reflected in the precision and quality of the product, in the use of indigenous equipment as import-substitute and in cost reduction. The company started its new unit and commenced its commercial operation in 2001 itself. It is also planning to import machineries from foreign countries.