Angola is reportedly the third largest producer of diamonds in Africa and has till now only explored 40% of the diamond-rich territory within the country, as the country has had trouble in drawing foreign investment.
African nation Angola has recently invited Indian companies to invest in diamond mining and processing.
The Indian Ambassador to Angola, Pratibha Parkar, stated, "Angola is looking at foreign direct investment from Indian companies to help realise the mining country's potential," Quoted in a recent statement by the Gems and Jewellery Export Promotion Council of India (GJEPC).
Pratibha Parkar further mentioned that the country sought to shed its overdependence on oil exports and was ardent on expanding its export basket to other segments.
India's imports of rough diamonds from Angola amounted to USD 6.01 million in 2019-20, whereas exports stood at USD 0.01 million, Parkar mentioned.
The sight contracts is said to be only for 2 years. Angola is hoping to rise 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, stated an official.
India is reported to account almost 10% 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 reinforce the trade between India and Angola.