Indian government to work at cutting middle men in diamond sector

Will send a team to study diamond trading and auctions in Antwerp and Dubai
Indian government to work at cutting middle men in diamond sector

India’s Central government is forming a team of officials from the finance and commerce ministries, to visit leading diamond trade centers - Dubai and Antwerp and learn the dynamics of diamond trading and auctions, and bring that knowledge to India, reports say. This move follows the requests by the Indian gem and jewellery industry to the central government to do away with middle men in the diamond trade, reports say. The delegation is expected to study the tax structure and other key factors at the Dubai Multi Commodity Centre in Dubai and the Antwerp diamond trading centre in Belgium, as per reports.

The Indian government is expected to assign special notified zones (SNZ) for diamond miners, with the first likely to be set up at Bharat Diamond Bourse; a much awaited advantage the industry is hoping for.

With the elimination or reduction in dependency on middle men would help cut production costs and improve the manufacturer’s margins, reports say.


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