Indian & Canadian Diamond Cooperation

Feb 22, 2009

India and Canada have agreed to explore the possibility of cooperation in diamond mining on a mutually beneficial basis. This was decided at a meeting between commerce minister Kamal Nath and Joseph Cordiano, minister of economic development and trade, province of Ontario, Canada, an official release said.

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 also explained how India had emerged as the top exporter of cut and polished diamonds in the world, while there was good scope for Canadian mines being tapped for roughs, the release said. The two ministers underlined the potential for expanding trade and investment ties between India and Canada. Although bilateral trade has grown significantly over the last decade from Canadian dollar 788 million in 1992 to Canadian dollar 2.45 billion in 2004, India’s share in Canada’s imports is only about 0.5%.

Cordiano said Ontario would welcome Indian investment in different sectors and stressed the need to diversify trade in terms of both products and markets, the release added.