Sharma calls for institutional links between Indian, Belgian diamond bourses

Minister of commerce, industry and textiles Anand Sharma has urged the Antwerp World Diamond Centre (AWDC) to establish institutional linkages with Bharat Diamond Bourse for imparting necessary capacities and skills.

He assured the representatives of the diamond industry that the issues relating to procedural tax simplification would be taken up with the ministry of finance. The government had recently eased policy measures for allowing consignment import of rough diamonds, he said.

Sharma, accompanied by a high-level business delegation headed by Naina Lal Kidwai visited the Antwerp World Diamond Centre (AWDC) and interacted with leaders of the diamond industry. Antwerp is the hub of global diamond trade and trade in diamonds constitutes nearly 60 per cent of India's $17 billion trade with Belgium.

The minister also addressed the Global India Business Meeting - 2012 organised by Horasis and the Government of Flanders, Belgium.

Delivering his keynote address at the business meet, the minister assured investors of the welcoming investment climate in India and detailed steps taken by the government for liberalising foreign investment regime. He said India allows 100 per cent FDI in single brand retail and that several global majors have already firmed up investment plans.

He expressed confidence that the government will be able to evolve consensus on allowing foreign investment in multi-brand retail 'very soon'.