India, Canada sign MOU to boost diamond sector

Toronto: Leading Canadian diamond exporting organisation Diamond Bourse of Canada (DBC) and the Indo-Canada Chamber of Commerce (ICCC) signed a Memorandum of Understanding (MoU) to increase bilateral trade and investment in the diamond sector.

Under the terms of the MoU, which was signed on Friday night, both organisations will work together to enhance and create new trade opportunities in the diamond sector by establishing direct links between Canadian producers and Indian diamond manufacturers and eliminating third parties.

At present Canada`s entire diamond output is shipped to Europe, from where it goes to other countries.

DBC Chairman Bhushan Vora and ICCC President Satish Thakkar 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.

Both organisations also jointly encourage Indian diamond manufacturers to establish their facilities in Canada and provide guidance and support. Speaking on the occasion, Jason Kenney said both countries have accelerated efforts to boost bilateral trade and investment and were working closely on a free trade agreement.

Commending the contribution made by the Indo-Canadian community, Saran invited Indo-Canadians to attend the forthcoming Pravasi Bhartiya Diwas in Jaipur in January next year in large numbers.

She also commended efforts by the ICCC to accelerate bilateral trade and investment between the two countries.