Dgdc To Set Up Diamond Bourse For Venezuela

The Bolivarian Republic of Venezuela has signed a co-operation agreement with the Diamond & Gem Development Corporation (DGDC), Surat, for setting up a full-fledged self-contained diamond bourse in the republic on turnkey basis.

Disclosing this in an exclusive interview to Business Standard, the Venezuelan Ambassador to India, Walter Marquez said the proposed diamond bourse would be the first-of-its-kind in Venezuela.

It would integrate the services of a market place, convention centre, exhibition hall, an exchange, bank counters, courier, post office, hotels, security services, etc and facilitate traders, business houses and professionals from all over the world to come together and trade in diamonds.

It would also have facilities to impart training to miners and keep them abreast of the latest technology as well as for the cutting, polishing and handling of diamonds, Marquez added.

Confirming this, DGDC executive director Admiral Gupteshwar Rai said that his corporation would be required to provide the complete knowhow and consultancy and also oversee the setting up of the proposed project and make it operational.

The timeframe within which the project has to be set up and made operational would be within one year from the date of formally bagging the contract.

Refusing to divulge the estimated cost of the proposed project, Rai said it was a little premature to talk about it because the final approval of the Venezuelan government is still awaited.

"DGDC has completed the feasibility study of the project and the detailed project proposal has also been submitted to the Venezuelan government," he added.

DGDC is the promoter of the Surat special economic zone, which was set up in November 2000, wherein its major role is to oversee allotment of land to units coming up in the zone, development of the requisite infrastructure for these units and facilitating their operations.