Industry & Economy
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Gems & Jewellery
Rough diamonds may be imported directly
Sudhanshu Ranade
Chennai
,
Sept. 27
THE Indian diamond industry may soon begin getting rough diamonds directly from African countries, instead of from the Diamond Trading Corporation (DTC) of De Beers, which controls 80 per cent of global trade in rough diamonds.
Elaborating on this and related developments an Eye to I(ndia) report put out by SKP Crossborder Consultants states that as part of a deal between the Indian Government and African countries, a few Indian companies may set up manufacturing facilities in countries such asSouth Africa, Congo and Botswana.
A large public limited company is also on the anvil, the report says. Indian companies and a few foreign companies are expected to put up equity capital for this enterprise. The intended company will purchase rough diamonds from various small mines across the globe for sale to Indian manufacturers. The company will also emerge as a central selling point for diamonds. The absence of a large conglomerate in the diamond industry is perceived as standing in the way of India getting a firmer grip on the global market.
The Centre is reported to be encouraging the Gems and Jewellery Export Promotion Council (GJEPC) to get the process going in the current fiscal year.
The other major initiative of the government, Bharat Diamonds, a diamond exchange, is expected to commence trading in May 2006.
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