Government to set up notified zone for trading of rough diamonds

NEW DELHI: The government will set up a Special Notified Zone for import and trading of rough diamonds, a move towards boosting the gems & jewellery sector of the country, Parliament was informed today.

The creation of a Special Notified Zone will also likely to transform India into one of the largest rough diamond trading centres, similar to Belgium, Antwerp and Dubai.

At present, India processes 11 of 13 roughs mined globally.

"...Special Notified Zone will give the Indian diamond industry a strong competitive advantage against other diamond trading centres of the world like Antwerp, Dubai, etc, by saving time as well as foreign exchange spent on travel to these trading centres or establish offices there. It will also ensure steady supply of rough diamonds in the country," Commerce & Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

The world-class zone, when established, will help check middlemen and encourage overseas diamond mining companies to open their offices in India at designated zones to sell their produce directly to Indian manufacturers, the minister said.

The proposal for establishment of the zone was mooted by the Gems and Jewellery Export Promotion Council (GJEPC).