The government plans to form joint ventures in countries like Canada, Russia and Africa to get a steady supply of rough diamonds for the local gems and jewellery industry.
"We have identified three sets of countries from where we plan to source diamonds for the domestic industry. We are looking at forming joint ventures-based trading arrangements," Minister of State for Commerce Jairam Ramesh told reporters.
Diversifying the sources of supply is important as India was importing rough diamonds largely from Antwerp, he said.
While one set of countries include Canada, Russia and Australia, the other comprises Botswana, South Africa, Namibia, Ghana and Congo in the African continent. The third set of countries include those in Central Asia such as Azarbaijan, Uzbekistan and Kazakhstan, he said.
"I have met envoys of Canada and Russia and a delegation of state-run firms -- MMTC and National Mineral Development Corporation -- would soon visit these two countries to explore possibilities of joint ventures in rough diamonds," Ramesh said.
Central Asian countries were important both for diamonds and gold, he said. MMTC and NMDC have asked for geological data and would send a team to these countries, he added.
Of the African countries, the government would focus on Ghana and Congo, Ramesh said, adding he would visit Congo next month to discuss the issue with their government officials.
Ramesh, who met his Ethiopian counterpart Ahmed Tusa on Monday, said Africa was a thrust market for the government.
The India-Ethiopia Joint Trade Committee has been revived after four years and seven major initiatives have been identified to increase bilateral trade. India's exports to Africa's second most populous country stood at about $160 million last year, but imports were only $10 million, he said.
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