The Israel Diamond Institute Group of Companies announced last Tuesday that a memorandum of understanding has been signed with the Gem and Jewellery Export Promotion Council of India for the establishment of areas of cooperation between the two parties.
The MOU was signed at a ceremony in Mumbai today by IDI managing director Eli Avidar, and GJEPC executive director Sabyasachi Ray.
The MOU calls for:
- An examination of joint interests to safeguard the industry
- Establishment of joint lobbying activities for the reduction of import taxes on loose diamond in pertinent markets
- Collective efforts to promote the sales of diamond jewelry in the local Indian and Israeli markets
- Creating a joint taskforce to examine the issue of international bankruptcy and the ways in which it affects the parties.