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Indian Prime Minister Modi receives Antwerp Diamond Industry

Indian Prime Minister Modi is paying a visit to Belgium recently. Given the importance of diamonds in the trade relations between Belgium and India, the Indian Prime Minister this evening will personally welcome members from the Antwerp World Diamond Centre’s Board of Directors. AWDC is the umbrella organization for the Antwerp diamond industry.

Belgium is one of Europe’s top three trade partners with India, and is the second largest exporter of goods to India. This is primarily attributable to the diamond trade. The diamond trade accounts for approximately 82% ($7.85 billion) of all Belgian goods exported to India. When only taking the Flemish Region into consideration, the diamond trade represents as much as 88% of exports to India.

While Antwerp is the most important global trade center for rough and polished diamonds, with trade turnover of $58.8 million in 2014, India is the absolute leader with regard to diamond manufacturing. Nearly 75% of all rough diamonds traded in Antwerp are exported to India to be processed into polished diamonds. Annually, Antwerp exports 85 million carats of diamonds to India, valued at $11 billion.

Ari Epstein, CEO of AWDC: “Trade relations between Antwerp and India are excellent. The fact that Indian Prime Minister Modi has recognized this explicitly by inviting us to meet him personally is therefore greatly appreciated in the Antwerp diamond industry.”