Indian delegations seeks cooperation with Namibia in diamonds and other gemstones

A SIX member delegation from the Gem and Jewellery Export Promotion Council of India is in the country for a two-day visit to discuss possibilities of cooperation between Indian and Namibia in the field of diamonds and other gemstones.

Addressing people that gathered to hear more on the potential business venture in Windhoek yesterday, vice chairman of the Gem and Jewellery Export Promotion Council and leader of the visiting Indian delegation, Mr Bakul Mehta said the trade cooperation should be of benefit to both countries. He also assured those scepitical about the venture saying this was a venture in which India is looking for partners so as to benefit both countries, adding that all parties involved should collectively see to that it is a productive and beneficial venture.He gave a detailed outline of India’s participation in the precious stones trade in the world.The areas of cooperation being sought between the two nations by the Indians are direct sourcing of rough diamonds from Namibia to India, joint ventures in mining, joint ventures in cutting and polishing of diamonds, coloured gemstones and also in jewellery manufacturing.Mehta also said there are seeking to train artisans, students in projects and institutions run by India’s Gem and Jewellery Export Promotion Council, offer technical assistance, exchange of trade information between associations, students exchange programme, exchange of delegations and and will also involve delegations from Namibia to visit the India International Jewellery Show.Today India’s exports in the diamond and gem sector have crossed the US$12 billion mark and are growing at an average rate of 12 per cent.The industry itself has set a target of US$16 billion for the year 2007.Diamonds account for nearly 78 per cent of India’s total export basket, with jewellery contributing 16 per cent and coloured gemstones and others to the extent of four per cent.The diamond sector also employs nearly one million people across India.The industry has grown from its small origins in the 1950’s and has established itself as the world’s largest manufacturing centre of cut and polished diamonds for the last number of years, contributing 60 per cent of the world’s supply in terms of value, 85 per cent in terms of caratage and 92 per cent in terms of pieces.According to the High Commissioner of India to Namibia, Mr Yogendra Kumar 11 out of 12 stones in jewellery worldwide comes from India.”India has also been a leading source of a spectrum of coloured gemstones, and today offers the world a dazzling array of choice in terms of colour and quality,” he said.Speaking after the presentation by Mr Mehta, High Commissioner Kumar said he was “very excited” by the mission being undertaken by the Gem and Jewellery Export Promotion Council of India.This he said is a follow-up after the Namibian government made a similar mission to India early this year.Mr Kumar said such cooperation is a way of diversfying choices and possibilities for both Namibia and India, also adding that it would of mutual benefit.He said this was also one way of developing and strengthening South to South cooperation, adding that it was time countries and companies started to shift from the existing international patterns of trade but delve into new win win situations.The meeting yesterday was attended by representatives from the government, Namdeb, Development Bank of Namibia, the Chamber of Mines and members from the local business community.The six member delegation is expected wind up its business visit today.He also assured those scepitical about the venture saying this was a venture in which India is looking for partners so as to benefit both countries, adding that all parties involved should collectively see to that it is a productive and beneficial venture.He gave a detailed outline of India’s participation in the precious stones trade in the world.The areas of cooperation being sought between the two nations by the Indians are direct sourcing of rough diamonds from Namibia to India, joint ventures in mining, joint ventures in cutting and polishing of diamonds, coloured gemstones and also in jewellery manufacturing.Mehta also said there are seeking to train artisans, students in projects and institutions run by India’s Gem and Jewellery Export Promotion Council, offer technical assistance, exchange of trade information between associations, students exchange programme, exchange of delegations and and will also involve delegations from Namibia to visit the India International Jewellery Show. Today India’s exports in the diamond and gem sector have crossed the US$12 billion mark and are growing at an average rate of 12 per cent.The industry itself has set a target of US$16 billion for the year 2007.Diamonds account for nearly 78 per cent of India’s total export basket, with jewellery contributing 16 per cent and coloured gemstones and others to the extent of four per cent.The diamond sector also employs nearly one million people across India.The industry has grown from its small origins in the 1950’s and has established itself as the world’s largest manufacturing centre of cut and polished diamonds for the last number of years, contributing 60 per cent of the world’s supply in terms of value, 85 per cent in terms of caratage and 92 per cent in terms of pieces.According to the High Commissioner of India to Namibia, Mr Yogendra Kumar 11 out of 12 stones in jewellery worldwide comes from India.”India has also been a leading source of a spectrum of coloured gemstones, and today offers the world a dazzling array of choice in terms of colour and quality,” he said.Speaking after the presentation by Mr Mehta, High Commissioner Kumar said he was “very excited” by the mission being undertaken by the Gem and Jewellery Export Promotion Council of India.This he said is a follow-up after the Namibian government made a similar mission to India early this year.Mr Kumar said such cooperation is a way of diversfying choices and possibilities for both Namibia and India, also adding that it would of mutual benefit.He said this was also one way of developing and strengthening South to South cooperation, adding that it was time countries and companies started to shift from the existing international patterns of trade but delve into new win win situations.The meeting yesterday was attended by representatives from the government, Namdeb, Development Bank of Namibia, the Chamber of Mines and members from the local business community.The six member delegation is expected wind up its business visit today.