African nation Angola has invited Indian companies to invest in diamond mining and processing, a statement said on Saturday.
Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.
“Angola is looking at foreign direct investment from Indian companies to help realise the mining country’s potential,” Pratibha Parkar, Indian Ambassador to Angola, was quoted in a statement by the Gems and Jewellery Export Promotion Council of India (GJEPC).
Parkar further stated that the country wanted to shed its overdependence on oil exports and was keen on diversifying its export basket to other segments.
Fernando Amaral of Sodiam (Angolan National Diamond Trading Company) stated that diamonds are an important source of avenue for Angola and its people, and with the new diamond policy modalities it would like to sell through sights, tenders and spots.
“The sight contracts will be only for two years. Angola is hoping to increase diamond production from about 9 million carats per year to 15 million carats by 2022. We invite Indian companies to invest in Angola and cut and polish diamonds locally, he added.
To enhance diamond trade relations between Angola and India, the Union government, the Gems and Jewellery Export Promotion Council of India (GJEPC) and delegates from Angola jointly organised the India Global Connect.
India Embassy in Angola, GJEPC and Angola-India Chamber of Commerce jointlyorganised the virtual India Global Connect on December 3, GJEPC said in the statement.
India accounts to almost 10 per cent of export trade of Angola and is also the second largest African nation in terms of oil supply to India and gems and jewellery provides a good opportunity to further strengthen the trade between India and Angola.
India’s imports of rough diamonds from Angola amounted to USD 6.01 million in 2019-20, while exports stood at USD 0.01 million, Parkar added.
Angola could look at the prospect of selling its rough through SNZs (special notified zones) in India, and have an agreement between GJEPC and Sodiam (Angolan National Diamond Trading Company) for boosting Indo-Angola trade ties.
“The Council has played an important role in bringing the global trade to India and the government’s policies have ensured that we become the industry world leaders. The Angola’s proposal for India to invest on diamond mining and processing is a lucrative offer and we should look at it seriously, GJEPC Chairman Colin Shah stated.