Govt to help set up international diamond exchange

The Centre would facilitate the setting up of an in the country, according to Union minister of commerce and industry, Kamal Nath.
 
Speaking on the sidelines of the international diamond conference, Mines to Markets, he said, "My ministry is working closely with the industry to make India an international trading centre for diamonds. Considering that we are the largest purchaser of rough diamonds, there is no reason why India should not have an international diamond trading centre at par with centres in Belgium, Israel and Dubai."
 
He revealed that the government is keen to ensure that the market does not face the heat of the supply shortage in diamonds, and the centre is looking to open up the process for Indians wishing to source diamonds from abroad.
 
He said, "We are quite open to the idea of entering into economic co-operation agreements with countries, especially of Africa that ensure the supply of rough diamonds to India while bringing value and investment in other areas to supplier countries."
 
The project is slated to take shape by the end of 2005. Bakul Mehta, chairman of the Gem and Jewellery Export Promotion Council (GJEPC) said that the International Diamond Exchange is likely to be set up in Mumbai.
 
Nath also said that the passing of the by the parliament provides a superb opportunity for investors to set up enterprises in areas that will have world-class infrastructure and generous tax concessions.
 
Cut an polished diamonds account for over 75 per cent of the total exports of gem and jewellery from India.

 
 

image
Business Standard
177 22
Business Standard

Govt to help set up international diamond exchange

Our Commodities Bureau  |  Mumbai 



The Centre would facilitate the setting up of an in the country, according to Union minister of commerce and industry, Kamal Nath.
 
Speaking on the sidelines of the international diamond conference, Mines to Markets, he said, "My ministry is working closely with the industry to make India an international trading centre for diamonds. Considering that we are the largest purchaser of rough diamonds, there is no reason why India should not have an international diamond trading centre at par with centres in Belgium, Israel and Dubai."
 
He revealed that the government is keen to ensure that the market does not face the heat of the supply shortage in diamonds, and the centre is looking to open up the process for Indians wishing to source diamonds from abroad.
 
He said, "We are quite open to the idea of entering into economic co-operation agreements with countries, especially of Africa that ensure the supply of rough diamonds to India while bringing value and investment in other areas to supplier countries."
 
The project is slated to take shape by the end of 2005. Bakul Mehta, chairman of the Gem and Jewellery Export Promotion Council (GJEPC) said that the International Diamond Exchange is likely to be set up in Mumbai.
 
Nath also said that the passing of the by the parliament provides a superb opportunity for investors to set up enterprises in areas that will have world-class infrastructure and generous tax concessions.
 
Cut an polished diamonds account for over 75 per cent of the total exports of gem and jewellery from India.

 
 

RECOMMENDED FOR YOU

Govt to help set up international diamond exchange

The Centre would facilitate the setting up of an international diamond exchange in the country, according to Union minister of commerce and industry, Kamal Nath.
The Centre would facilitate the setting up of an in the country, according to Union minister of commerce and industry, Kamal Nath.
 
Speaking on the sidelines of the international diamond conference, Mines to Markets, he said, "My ministry is working closely with the industry to make India an international trading centre for diamonds. Considering that we are the largest purchaser of rough diamonds, there is no reason why India should not have an international diamond trading centre at par with centres in Belgium, Israel and Dubai."
 
He revealed that the government is keen to ensure that the market does not face the heat of the supply shortage in diamonds, and the centre is looking to open up the process for Indians wishing to source diamonds from abroad.
 
He said, "We are quite open to the idea of entering into economic co-operation agreements with countries, especially of Africa that ensure the supply of rough diamonds to India while bringing value and investment in other areas to supplier countries."
 
The project is slated to take shape by the end of 2005. Bakul Mehta, chairman of the Gem and Jewellery Export Promotion Council (GJEPC) said that the International Diamond Exchange is likely to be set up in Mumbai.
 
Nath also said that the passing of the by the parliament provides a superb opportunity for investors to set up enterprises in areas that will have world-class infrastructure and generous tax concessions.
 
Cut an polished diamonds account for over 75 per cent of the total exports of gem and jewellery from India.

 
 
image
Business Standard
177 22

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

More News

  • Rating agency shares soar on corporate bond Rating agency shares soar on corporate bond boost
  • Moody’s RBI norms on corporate bonds credit positive, says Moody's

STOCK WATCH

Company Price() Chg(%)
Trident 56.00 12.45
VST Inds. 2296.20 10.12
GRUH Finance 345.20 9.33
J B Chem & Pharm 336.60 7.90
Century Textiles 709.85 5.92
> More on BSE Gainers
Company Price() Chg(%)
Trident 56.45 13.13
Future Lifestyle 137.65 10.92
GRUH Finance 346.05 9.46
VST Inds. 2284.90 9.22
J B Chem & Pharm 336.50 7.71
> More on NSE Gainers
Company Price() Chg(%)
Welspun India 49.70 -8.64
Shilpa Medicare 553.00 -7.82
Piramal Enterp. 1851.10 -5.41
Jaypee Infratec. 9.21 -4.76
Avanti Feeds 534.10 -4.20
> More on BSE Gainers
Company Price() Chg(%)
Welspun India 49.40 -8.60
Shilpa Medicare 551.70 -7.87
IDBI Bank 70.45 -6.38
Jaypee Infratec. 9.10 -5.70
Piramal Enterp. 1847.10 -5.48
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard