Gem trade eyes Namibian stones

Indian businessmen were exploring the possibility of direct sourcing of rough diamonds from Namibia, along with joint ventures in mining, cutting and polishing, coloured gemstones and jewellery manufacturing.

A delegation from the Gem and Jewellery Export Promotion Council (GJEPC) on a two-day visit to Namibia held talks with officials and businessmen there on cooperation in the fields of diamonds and other gemstones.

Bakul Mehta, mission head and vice­chairman, GJEPC said, "We are seeking opportunities to train craftsmen from Namibia and looking for students for projects and institutions run by the GJEPC. In addition, we would be offering technical assistance and are interested in the exchange of trade information with our Namibian counterpart, student exchange programmes and to encourage Namibian delegations to visit the India International Jewellery Show (IIJS) to be held from 15 ­ 19 July, this year in Mumbai."

The Indian delegation met representatives from the Namibian government, Namdeb, the Development Bank of Namibia, the Chamber of Mines and members of the local business community.

"It would make sense for a mining country that sits on rough diamonds to sell them to a country that processes about 92 per cent of the world's rough diamonds," said Mehta.

India's gem and jewellery sector accounted for nearly $12 billion or 18 per cent of India's total exports for the year 2003-2004. The sector employs nearly one million people.

In comparison, Namibia currently has about 400 small-scale miners mining for gem and other precious stones. Semi-precious stones and gemstones mined, are sold mainly to tourists and shops with cutting and polishing facilities.

Cut and polished gemstones command higher prices than rough gemstones, as six new cutting and polishing facilities have been commissioned in the country. In 2004, as a result, the production of diamonds in Namibia has leapfrogged.