Indian Gov't Blocks Import of Rough Diamonds from Zimbabwe
Post Date: 09 Dec 2010 Viewed: 477
India's Ministry of Commerce has blocked the import of rough diamonds from Zimbabwe until a consensus on the country's diamond exports can be reached between Kimberley Process Certification Scheme members and the Zimbabwean government.
The decision comes approximately one month after Surat Rough Diamond Sourcing India Limited (SRDSIL), a new rough diamond sourcing consortium that debuted at Mumbai's Mines to Market conference, signed a $1.2 billion deal with Zimbabwe for direct imports of the country's rough diamonds in exchange for experts from India's diamond industry training 1,000 young Zimbabweans as diamond cutters and polishers.
India's Gems and Jewellery Export Promotion Council (GJEPC) has approved the government's decision.
The Times of India quoted GJEPC Vice-Chairman Sanjay Kothari saying that the US, UK, and Australia all still had reservations about Zimbabwe's diamond exports. "India exports 50% of its polished diamonds to the US. Thus, we do not want to jeopardize the interest of these countries for the sake of importing diamonds from Zimbabwe."