7-12-2020
Angola, the third-largest producer of diamonds in Africa has invited Indian companies to invest in diamond mining, as the diamond-rich country has had difficulty in attracting foreign investment, the Gem & Jewellery Export Promotion Council (GJEPC) stated after a virtual meeting with delegates of Angola.
GJEPC suggested that Angola could sell its rough in tax-free special notified zones (SNZs) and sign an MoU to boost Indo-Angola trade ties. Currently, under 10 percent of export from the country enter into India.
On the Angola side, its state diamond trader Sodiam sees “the sight contracts will be only for two years. Angola is hoping to increase diamond production from about 9 million carats per year to 15 million carats by 2022. We invite Indian companies to invest in Angola and cut and polish diamonds local” as an alternative.
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