Antwerp World Diamond Centre (AWDC), a Belgium-based public-private entity, has showed interest to conduct a feasibility study in Bangladesh with an aim to reboot its diamond manufacturing and business, officials said.
To this end, the AWDC has recently submitted two proposals to the Bangladesh embassy, Belgium for carrying out the study, they added.
The embassy has already forwarded the proposals to the foreign ministry to take necessary steps in this regard.
Later, the foreign ministry has requested the commerce ministry to inform its decision by August 26 next.
"We are working on the issue and scrutinizing the proposal," a high official of the commerce ministry said.
The foreign ministry thinks that a feasibility study should be conducted to rejuvenate the country's diamond industry due to its enormous popularity at home and abroad, according to the document.
The diamond industry is in almost defunct in Bangladesh. Once upon a time, this industry emerged as a potential industry in the country. A good number of Bangladeshi workers had been trained to produce artificial diamond including polishing and cutting, the document added.
But over the time, the industry is almost extinct due to lack of necessary government policy support/incentives, it said.
"Besides, import of diamond from neighbouring countries has hampered the growth of the industry," the document reads.
Currently, the global diamond market size is around US$ 25 billion.
Day by day, the demand for diamond has been increasing in the global market and local market as well.
The popularity of diamond ornaments in the domestic market is rising gradually.
Export earnings of the country will grow if the sector is rejuvenated again during post-Covid-19 period.
According to the proposals, Belgium consultancy firm KaBa solutions BV will conduct the feasibility study that will be represented by Karla Basselier who, as a consultant, is performing the task of head public and external affairs at the AWDC.
The firm will carry out in-depth research and analysis.
Based on this extensive depth research and analysis, policy recommendations will be made on how to (re)boost, strengthen, and promote Bangladesh as a diamond manufacturing and tangible hub, according to foreign ministry documents.
When contacted, managing director of Diamond World Ltd Dilip Kumar Agarwala said the sector will benefit if the feasibility study is conducted.
The diamond sector has been facing an acute shortage of skilled manpower, said Mr Agarwala, also vice president of the Federation of Bangladesh Chambers of Commerce and Industry.
Industry insiders could not be provided with the data on its local demand, and export and import of diamond jewellery.
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