China-Africa deals threaten Indian diamonds
Indian diamond cutters fear Chinese efforts to secure a supply of the rough gems from Africa are threatening their hold on the diamond cutting industry. In a bid to develop a competitive cutting and polishing industry, China has set up direct deals with African governments, providing medicine and resources to build infrastructure in exchange for rough diamonds.
The UK newspaper the Financial Times reported on Wednesday (28 April 2010) that India's Gem and Jewellery Export Promotion Council is lobbying the Indian government to strike similar deals with the Democratic Republic of Congo and Angola. India currently has a 60% share of the world's diamond cutting and polishing business.
The GJEPC also wants India to set up a four billion US dollar fund to support the country's diamond sector, the FT reported.
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