India could source diamonds directly from African nations: Jairam Ramesh

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.