Diamond Trading: India Team Visits Belgium, Dubai

Rough DiamondsNew Delhi: To expedite the process of setting up a special notified zone for rough diamond trading, the government has sent a team of senior officials to study the trading models in Belgium and Dubai before firming up a policy for India, reports Financial Express.

The sending of the team, comprising officials from the ministries of commerce and finance as well as the Gems and Jewellery Export Promotion Council (GJEPC), is a “clear indication that the government is serious about establishing the special notified zone at the earliest,” Pankaj Parekh, vice-chairman of the GJEPC, told FE. The officials are expected to be back in India this week.

The special notified zone is aimed at removing middlemen and encouraging overseas diamond mining companies to open their offices at the designated places in the country to sell rough diamonds directly to Indian manufacturers.