India to ink diamond pact with Botswana
Sunday, 10 January 2010
SURAT, Jan 09 (Commodity Online): Indian vice-president Hamid Ansari's visit to Botswana this week is all set to bring some cheer to the diamond city of India, Surat. Because Surat's diamond polishing units are all set to get rough diamonds from Botswana directly when the vice-president inks a pact with Botswana during his visit.
If all goes well, Ansari will sign the deal with Botswana Saturday to directly buy uncut diamonds for Surat's diamond cutting and finishing industry.
This is of direct interest to Surat, as the city has a large and prosperous diamond cutting industry. As more and more countries are discovering, direct dealing between seller and buyer is better than the indirect dealing through a monopoly organisation in London.
After a framework is put into place, the actual sourcing of uncut diamonds is expected to take place after two years. India's trade with Africa is around $39 billion (Rs1.8 trillion), and trade with Zambia, Malawi and Botswana is around $302 million.
If all goes well, Ansari will sign the deal with Botswana Saturday to directly buy uncut diamonds for Surat's diamond cutting and finishing industry.
This is of direct interest to Surat, as the city has a large and prosperous diamond cutting industry. As more and more countries are discovering, direct dealing between seller and buyer is better than the indirect dealing through a monopoly organisation in London.
After a framework is put into place, the actual sourcing of uncut diamonds is expected to take place after two years. India's trade with Africa is around $39 billion (Rs1.8 trillion), and trade with Zambia, Malawi and Botswana is around $302 million.