Tea auction goes high tech.(World news: coffee and tea reports from the front line)(Brief Article)

Tea & Coffee Trade Journal, February, 2005

INDIA -- At the end of March or early April, the world's first electronic bidding for tea will replace the age-old open outcry system of buying and selling tea at auction centres across India, reports the Economic Times.

Tea brokers and buyers are likely to be educated about the new system in a week. While the brokers are comfortable with the new system, a large number of buyers seem apprehensive.

The Tea Board has decreed that the Kolkata, Guwahati and Siliguri auction centres should set up the building blocks by the end of March, 2005, after which time, 100% of all transactions related to buying and selling will be done electronically. The southern auction centres at Coonoor, Coimbatore and Kochi have to be ready earlier.

While some...

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