India, Angola Eye Closer Trade Ties

RAPAPORT... Diamond-industry leaders in India and Angola are discussing ways of deepening their trade relations as the African country seeks export destinations for its expanding rough production.Representatives from both nations held a virtual meeting last week about enhancing shipments and sales, India's Gem & Jewellery Export Promotion Council (GJEPC) said Friday."Angola is the third-largest producer of diamonds in Africa, and has only explored 40% of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment," said Pratibha Parkar, India's ambassador to Angola. "Angola is looking at foreign direct investment from Indian companies to help realize the mining country's potential."One option would be for Angola to sell its rough in India's tax-free areas, known as special notified zones (SNZs), said GJEPC chairman Colin Shah. Another would be a memorandum of understanding between the GJEPC and Sodiam, Angola's state diamond trader. Angola is one of the world's most promising diamond-producing countries, with plans for it to increase diamond production from its current annual level of about 9 million carats to 15 million carats by 2022, Sodiam noted. However, rough imports from Angola into India - the world's largest polishing center - came to just $6 million in the financial year ending March 31, 2020, compared with India's total imports of $12.68 billion.Image: The Catoca diamond mine in Angola. (Alrosa)