India is a world-leader in the gems and jewellery industry but its exports are dependent entirely on imports of rough diamonds, gold and other coloured gemstones.
The Minister of State for Commerce, Shri Jairam Ramesh who has been in regular interaction with the Gems & Jewellery Export Promotion Council (GJEPC) to discuss various issues facing the industry has held that the security of supply of raw materials is thus an important issue for the sustainability of the industry. India imports close to $ 8 billion of rough diamonds.
With a view to ensure regular supply of rough diamonds, the Minister has held detailed discussions over the past three months with the Ambassadors of a number of countries including Russia, Canada, Australia, South Africa, Namibia, Lesotho, Botswana, Ghana, Angola, Azerbaijan, Armenia, Uzbekistan and Venezuela.
In his meetings with African countries, Shri Ramesh has 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 MMTC and Alrosa of Russia are in an advanced stage and a joint venture is expected to be finalized in 2007. The forthcoming visit of President Putin to India will added an extra momentum to this process.
On the domestic front, the preliminary explorations carried out by global companies in Madhya Pradesh, Chattisgarh and Andhra Pradesh have revealed good prospects for diamonds and coloured gemstones. Over the next decade with aggressive exploration and development, Indian sources could also be developed.
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Press Information Bureau Government of India
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