Angola keen for Indian companies to invest in diamond mining and processing

Angola, an African nation which is facing difficulty in attracting foreign investment, is very much keen for Indian companies to invest in its diamond mining and processing.

Pratibha Parkar, Indian Ambassador to Angola, said the diamond-rich nation is looking at foreign direct investment from Indian companies to help realize its potential. He stated that the country wanted to shed its over-dependence on oil exports and was looking at diversifying its export basket to other segments.

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 futher strengthen the trade between India and Angola. Parkar highlighted that India’s imports of rough diamonds from Angola amounted to US$6.01 million in 2019-20, while exports stood at US$0.01 million.

Fernando Amaral of Sodiam (Angolan National Diamond Trading Company) stated that diamonds are an important source of avenue for Angola and its people. He pointed out that 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 nine million carats per year to 15 million carats by 2022,” Amaral explained. “We invite Indian companies to invest in Angola and cut and polish diamonds locally.”

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As such, the Union government, the Gems and Jewellery Export Promotion Council of India (GJEPC) and delegates from Angola jointly organized the India Global Connect to enhance diamond trade relations between Angola and India. Moreover, the Indian Embassy in Angola, GJEPC and Angola-India Chamber of Commerce jointly organized the virtual India Global Connect on December 3. Colin Shah, GJEPC Chairman, said the Council has played an important role in bringing the global trade to India. He said the government’s policies have ensured that they become the industry world leaders. “The Angola’s proposal for India to invest on diamond mining and processing is a lucrative offer and we should look at it seriously.”

Angola, as per a statement, 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-Angolan trade ties.

With inputs from PTI