GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

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Platinum’s rare nature gives it additional value and appeal

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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India to Boost Diamond-Cutting in Bangladesh

30 december 2009

Bangladesh could emerge as a major country for diamond-cutting in the region, as India plans to increase activity here to maintain share as China's industry grows, RAPAPORT reported.
"We see Bangladesh as an important partner of India. If Bangladesh opens up, we will be able to deter China to be advanced with the potential industry," stated Pankaj Parekh of India's Gems and Jewellery Export Promotion Council (GJEPC). 
Leaders of the Bangladesh Jewellery Association (BJA) and Indian High Commission officials took part in the meeting, were the topic was explored overnight at a city hotel. BJA's president, Wadud Khan, and a large number of its members joined the function, which was organized by the High Commission of India. After giving the backstory on India's diamond industry, Parekh said that they are planning to locate diamond-cutting factories in Bangladesh if an environment that is conducive to business is created there. In commemorating the prior fraternity between India, Pakistan and Bangladesh, Parekh said that once upon a time, the three nations were like brothers, but it is unfortunate that Pakistan slipped due to its waywardness.
Thus, he said, India wants to tighten the existing mutual relationship with Bangladesh through the expansion of trade and commerce. India does not produce diamonds, but, rather, imports rough diamonds from producing nations and employs 3 million (30 lakh) workers to engage in cutting and polishing. Compared with world markets, he said, India's diamond share is 60 percent in terms of value, 85 percent in terms of volume and 92 percent in terms of prices.
India is now exporting processed diamonds to a number of countries, including the U.S., the U.K., Australia and the UAE. India exported gems and jewelry worth $26 billion to its export destinations in the 2008/2009 fiscal year, a $5 billion rise from the previous fiscal year.