INDIA�s minister of state for commerce Jairam Ramesh said in an official release that securing supplies of raw materials was important for the sustainability of the gem and jewellery industry. India imports rough diamonds worth close to $8 billion. The minister, who has been interacting with The Gem & Jewellery Export Promotion Council (GJEPC), has held discussions with the ambassadors of a number of countries including Russia, Canada, Australia, South Africa, Namibia, Lesotho, Botswana, Ghana, Angola, Azerbaijan, Armenia, Uzbekistan and Venezuela.

During his meetings, Ramesh stressed India�s commitment to ensuring �win-win� partnerships for both sides, with India helping African countries build their local industry through technical assistance, while securing access to sources of rough diamonds. Further, negotiations between the Minerals and Metals Trading Corporation (MMTC) and Alrosa of Russia are in an advanced stage and a joint venture is expected to be finalised in 2007.

In his exchanges with the GJEPC, the minister highlighted the importance of the diamond sector, which accounts for 80 per cent of India�s total gem and jewellery exports. Jairam Ramesh also complimented the GJEPC for preparing the Vision-2015 roadmap for the gems and jewellery industry in collaboration with KPMG.

The report had outlined threats and opportunities in great detail. He said that growing competition from China, rise of new materials like palladium and steel, development of synthetic diamonds, consolidation in the world diamond industry are all possible scenarios which India has to plan for systematically. He called the document �an excellent blueprint which will be implemented by the ministry of commerce in all seriousness and sense of purpose.�

Meanwhile, the M.R. Sivaraman committee set up by the finance ministry at the initiative of the commerce ministry to recommend a growth-oriented fiscal regime for the gems and jewellery industry has recently submitted its report. The fiscal regime seeks to strengthen India�s global position and make Mumbai a trading hub along the lines of Antwerp and Israel.