India, Canada sign pact to boost diamond trade

Diamond Bourse of Canada (DBC), the Canadian diamond exporting organisation and the Indo-Canada Chamber of Commerce (ICCC) have entered into a memorandum of understanding (MoU) to boost bilateral trade and investment in diamonds.

The MoU provides for establishing direct links between Canadian producers and Indian diamond manufacturers, thereby eliminating intermediaries.

The two organisations will also look for ways to create new trade opportunities in the diamond sector.

Canada, at present, ships its entire diamond production to Europe, where it is traded.

Bhushan Vora, chairman of DBC and Satish Thakkar, president of ICCC, signed the MoU in the presence of Canadian immigration minister Jason Kenney, and Consul-General of India Preeti Saran, at an annual holiday dinner organised by the Indo-Canada Chamber of Commerce.

As per the MoU, Indian diamond manufacturers will be encouraged to set up manufacturing facilities in Canada.