India To Source Diamonds From CanadaPublished by MAC on 2006-03-13
India to source diamonds from Canada
13th March 2006
New Delhi: India and Canada have agreed to cooperate in diamond mining on a mutually beneficial basis with the former investing in the latter's diamond mines for sourcing of rough diamonds. The emerged after a meeting between Commerce Minister Kamal Nath and Minister of Economic Development and Trade, Province of Ontario, Joseph Cordiano here Tuesday, according to an official statement. Kamal Nath mooted the idea of investing in diamond mines in Canada for sourcing of rough diamonds, which could be then cut and polished in India for exports. He explained how India had become a top exporter of cut and polished diamonds in the world, while there was good scope for Canadian mines being tapped for roughs. Both ministers underlined the potential for expanding trade and investment ties between India and Canada. Cordiano said Ontario would welcome increased Indian investment in different sectors. Although bilateral trade between India and Canada has grown from $685 million in 1992 to $2.13 billion in 2004, India's share in Canada's imports is only about 0.5 percent. India is the 37th largest source of direct investment in Canada, with more than half of it being in pulp and paper.