Angola has encouraged Indian companies to invest in diamond mining and processing, according to a statement issued. Angola is Africa's third greatest producer of diamonds, having only explored 40% of the country's diamond-rich area, but has had problems finding international investment.
'Angola is seeking foreign direct investment from Indian firms to help realise the mining country's potential,' says a source. The Gems & Jewellery Export Promotion Council of India mentioned Pratibha Parkar, Indian Ambassador to Angola, in a statement (GJEPC)
Parkar went on to say that the government intended to reduce its oil dependence exports and diversify its export basket to include other commodities.
According to Fernando Amaral of Sodiam (Angolan National Diamond Trading Company), diamonds are a key source of income for Angola and its people, and with the new diamond policy modalities, it would want to sell through sights, tenders, and spots.
'The sight contracts will be for a period of two years.' Angola hopes to boost annual diamond output from 9 million carats to 15 million carats by 2022. We urge Indian businesses to invest in Angola and cut and polish diamonds on the ground,' he continued.
The Union government, the Gems and Jewellery Export Promotion Council of India (GJEPC), and Angolan representatives organised the India Global Connect to strengthen diamond commercial connections between Angola and India.
The virtual India Global Connect was organised by the India Embassy in Angola, GJEPC, and the Angola-India Chamber of Commerce on December 3, according to a statement issued by GJEPC.
India contributes for about 10% of Angola's export trade and is also the second largest African nation in terms of oil delivery to India, and diamonds and jewellery give an excellent chance to further expand bilateral commerce.
In 2019-20, India imported USD 6.01 million in raw diamonds from Angola, while exports were USD 0.01 million, according to Parkar.
"Angola may consider exporting its rough through SNZs (specially designated zones) in India, and having an agreement between GJEPC and Sodiam (Angolan National Diamond Trading Company) to strengthen Indo-Angola economic connections."
"The Council has played a significant role in bringing global commerce to India, and the government's policies have guaranteed that we have become world leaders in our sector. Angola's proposition for India to engage in diamond mining and processing is a tempting one, and we should consider it carefully "Colin Shah, Chairman of the GJEPC, remarked.