Image credit: GJEPC
“We invite Indian companies to invest in Angola and cut and polish diamonds locally,” said Sodiam chief executive Fernando Amaral during a virtual meeting between officials from the two countries as part of the India Global Connect initiative of GJEPC to enhance business opportunities for Indian gems and jewellery.
“Angola is in the process of consolidating reforms for the diamond sector and are working on setting up a bourse and selling rough locally through tenders. We do not plan to send rough directly to India, instead, we would like Indian companies to manufacture diamonds locally.”
GJEPC chairperson Colin Shah said the Angola government’s proposal for India to invest in diamond mining and processing is a lucrative offer that they should be seriously considered.
“This will not just strengthen the relationship between both the nations, but it will make India even stronger not just the overall ecosystem of the diamond business,” he said.
GJEPC vice-chairperson Vipul Shah said India is predominant in the midstream segment of the diamond value chain and the Indian companies would be keen to invest in areas like rough trading, polishing, polished trading and jewellery manufacturing.
India, which imported rough diamonds from Angola worth $6.01 million in 2020, accounts to almost 10% of export trade of the southern African country.
Angola is the third-largest producer of diamonds in Africa and has only explored 40% of the diamond-rich territory, but has had difficulty in attracting foreign investment.
Angola is hoping to increase diamond production from about 9 million carats per year to 15 million carats by 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
