India explores diamond trade opportunities with Angola

By

Isabelle Crossley

Published
Dec 7, 2020

The Government of India’s Ministry of Commerce, Gem and Jewellery Export Promotion Council, and delegates from Angola met virtually to pursue diamond trade opportunities between the two nations.

The recent India Global Connect virtual meet brought together diamond businesses from India and Angola with the Angola-India Chamber of Commerce on December 3, with the aim of boosting trade, the GJEPC reported on its website. 
 
“Angola is the third largest producer of diamonds in Africa and has only explored 40% of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment,” said Indian Ambassador to Angola, Pratibha Parkar, in her keynote address at the event, the GJEPC reported.

“Angola is looking at foreign direct investment from Indian companies to help realise the mining country’s potential.” 
 
“Diamonds are an important source of avenue for Angola and its people, and with the new diamond policy modalities we would like to sell through sights, tenders and spots,” said Fernando Amaral of Angolan diamond business Sodiam.

“Angola is in the process of consolidating reforms for the diamond sector and are working on setting up a bourse and selling rough locally through tenders. We do not plan to send rough directly to India, instead we would like Indian companies to manufacture diamonds locally.” 
 
“Angola could look at the prospect of selling its rough through SNZs in India, and have an MoU between GJEPC and Sodiam for boosting Indo-Angola trade ties,” said GJEPC chairman Colin Shah at the event.

“The Council has played an important role in bringing the global trade to India and the government’s progressive policies have ensured that we become the industry world leaders. The Angola government’s proposal for India to invest on diamond mining and processing is a lucrative offer and we should look at it seriously. This will not just strengthen the relationship between both the nations, but it will make India even stronger not just the overall ecosystem of diamond business.”