Angola has invited Indian companies to invest in diamond mining and processing. Angola is the third largest producer of diamonds in Africa and has only explored 40 per cent of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment.
According to a statement from Pratibha Parkar, the Indian Ambassador to Angola published in the Gems and Jewellery Export Promotion Council of India (GJEPC), Angola is looking at foreign direct investment from Indian companies to help realise the mining country’s potential. Parkar further stated that the country wanted to shed its overdependence on oil exports and was keen on diversifying its export basket to other segments.
Fernando Amaral of Sodiam (Angolan National Diamond Trading Company) stated that diamonds are an important source of avenue for Angola and its people, and with the new diamond policy modalities it would like to sell through sights, tenders and spots.
“The sight contracts will be only for two years. Angola is hoping to increase diamond production from about 9 million carats per year to 15 million carats by 2022. We invite Indian companies to invest in Angola and cut and polish diamonds locally, he added.
To enhance diamond trade relations between Angola and India, the Union government, the Gems and Jewellery Export Promotion Council of India (GJEPC) and delegates from Angola jointly organised the India Global Connect.
India accounts to almost 10 per cent of export trade of Angola and is also the second largest African nation in terms of oil supply to India and gems and jewellery provides a good opportunity to further strengthen the trade between India and Angola.
Angola could look at the prospect of selling its rough through SNZs (special notified zones) in India, and have an agreement between GJEPC and Sodiam (Angolan National Diamond Trading Company) for boosting Indo-Angola trade ties.
