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Govt to help set up international diamond exchange

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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.

 
 

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