Bangladesh has the potential to grab a significant market share of the global diamond industry as the country has cheap labour and a large pool of jewellery artisans, both essential for the diamond cutting industry , said Mr. Dilip Kumar Agarwal, Managing Director of Diamond World Ltd.
Bangladesh approved an international agreement in 2005 that regulates trade in rough diamond exports in a bid to emerge as a new player in the lucrative labour-intensive industry.
‘We’re confident that joining the scheme will make Bangladesh a player in the diamond cutting business since Bangladesh offers the cheapest labour,’ said Sufiya Begum, a deputy director of the Export Promotion Bureau.
Sufiya said Brilliant Diamond, a private company, had already set up a diamond cutting and polishing operation and was waiting for approval for export.
‘We expect more industries to follow as Bangladesh offers opportunities similar to that of India, which is the leader in cut diamond exports,’ she added.
‘This year, our target is to export diamonds worth $50 million,’ said Anwar Hussain, chairman of Brilliant Diamond.
India is the world’s biggest cut and polished diamond exporter, which earned $11.2 billion from this segment last year, according to the Gem and Jewellery Export Promotion Council (GJEPC) of India.
The international agreement is aimed at preventing the sale of so-called conflict diamonds that are sold to finance wars, particularly in West Africa. It was agreed in the South African town of Kimberley in November 2002 and came into effect in August 2003.
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