The Luxembourg's ambassador to India, Gaston Stronck, met with diamond industry leaders at the Surat Diamond Association (SDA) office on 4th of February, 2014 and is reported to have invited the diamond company owners to set up their trading offices in Luxembourg. "Being one of the world's leading nations in terms of accumulation of capital and globally ranked second in financial investments, Luxembourg is a prospective investment destination for Indian stakeholders belonging to the diamond sector," Stronck said of Luxembourg.
Pointing out the plus points of Luxembourg, Stronck said that it is just 150 kilometres away from Antwerp and added, "Due to tax policies in Belgium, people from the diamond trade are fleeing to Dubai. But Luxembourg has less tax compared to Belgium and the Indian firms could get easy access to bank finance at less than 4 per cent interest rate."
The SDA president Dinesh Navadia said, "After the meeting with the ambassador, many in our industry are exploring opportunities for setting up trading offices in Luxembourg." He said Luxembourg has infrastructure available for diamond trading that offer huge opportunities for the diamantaires in setting up offices there.
The diamond traders in Surat and Mumbai are now viewing Luxembourg as the next diamond trading hub after Antwerp and Dubai.
Aruna Gaitonde, Rough&Polished, Mumbai
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