News

India could source diamonds directly from African nations: Jairam Ramesh

"The move would result in cost benefits of 4-5 per cent": Sanjay Kothari

diamond world news service

In its attempt to source rough diamonds directly from the producing nations, India has offered African countries, like Botswana, Angola, South Africa and Namibia, incentives to strengthen their jewellery industry in return for direct procurement of rough diamonds from these countries according to minister of State for Commerce and Industries, Jairam Ramesh.

In the past six months, rough diamonds worth $15 million to $20 million has been procured directly, of which, a major share was from the Russian company Alrosa.

The assistance will be provided through the Indian Technical and Economic Cooperation (ITECH) programme of the Ministry of External Affairs.

According to Sanjay Kothari, chairman of Gems and jewellery Export promotion Council, the move would result in cost benefits of the order of 4-5 per cent.

India has been looking for sourcing rough diamonds directly from the countries, where they are produced. In fact, in the past six months, rough diamonds worth $15 million to $20 million has been procured directly, of which, a major share was from the Russian company Alrosa.

The Ministry of Commerce is also in touch with Azerbaijan, Uzbekistan, Kazakhstan, Venezuela, Canada, Australia, Congo, and Ghana for direct sourcing of rough diamonds.


Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

Florida Couple Discovers Rare 3.36-Carat Diamond at Arkansas’ Crater of Diamonds

Fancy Colour Diamond Prices Surge 205% Since 2005, Says Natural Diamond Council

British Luxury Brand Anayah Breaks Barriers with First Female Artisans in India

De Beers' Payments to Namibia Fall Amid Diamond Market Slump

WFDB Backs Industry-Wide Pact to Support Natural Diamond Promotion