Home / Knowledge / News / Fashion / Ministry of Commerce launches African diamonds initiative

Ministry of Commerce launches African diamonds initiative

24
Mar '08
As the first-ever India-Africa conclave organised by the Ministry of External Affairs approaches, the Union Commerce Ministry has, for the first time, taken the initiative to establish systems for the direct imports of rough diamonds from Africa.

To kick-start this initiative, the Minister of State for Commerce, Shri Jairam Ramesh is leading a high-powered delegation to Namibia and Angola beginning March 26th. Joining him are senior representatives of the Gems and Jewellery Export Promotion Council (GJEPC).

India must buy rough and uncut diamonds directly from these and other African countries, Shri Jairam Ramesh said on the eve of his six-day trip. He also said that in the next couple of months, he would be visiting other important diamond producing countries like South Africa and Botswana as well.

He emphasised that in future India will find it difficult to source rough diamonds unless it demonstrates to African nations that it will collaborate actively in helping them move up the value-chain and assist in value-addition in these producing countries itself. The Africanisation of the diamonds processing industry is not a threat to India but a great opportunity which we must proactively embrace, Shri Jairam Ramesh explained.

India's estimated imports of rough diamonds in 2007/08 is around $ 10 billion, while estimates of exports of cut and polished diamonds in 2007/08 are about $ 14 billion. It is the world's largest importer of roughs and exporter of cut and polished diamonds with over 90% market share.

“I started this initiative largely because the diamonds cutting and polishing trade is very employment-intensive and provides livelihoods to over 10 lakh families in our country”, Shri Jairam Ramesh added. Rough diamonds are procured presently through a variety of sources with the bulk of it coming into India through Antwerp in Belgium.

Shri Ramesh pointed out that it is in India's long-term interests to establish direct relationships with supplier countries, cutting out all the middlemen. He said that he had opened a dialogue with all major diamond producing countries and Alrossa, the Russian diamond producing company has recently sold roughs directly to Indian buyers. The quantities are small and need to be built up quickly, the Minister of State of Commerce said.


Must ReadView All

Pic: Shutterstock

Textiles | On 8th Aug 2020

Pandemic causes trade decline, dips commodity prices: IMF

Current account surpluses and deficits narrowed modestly in 2019, and ...

Pic: Shutterstock

Textiles | On 8th Aug 2020

Pak ministry working to get textile policy cleared by ECC

Pakistan's commerce ministry is busy trying to get the Textile Policy ...

Pic: Hermès International

Fashion | On 8th Aug 2020

Hermes Int H1 FY20: revenues €2,488 mn; net profit €335 mn

Hermes International SA, a French high fashion luxury goods...

Interviews View All

Mohammad Mamun Ar Rashid, UL VS Bangladesh Ltd

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Jos Notermans,

Jos Notermans

SPGPrints is a global provider of integrated solutions for rotary screen...

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search