De Beers India, Hindustan Diamond Co sign strategic MOU

MUMBAI: De Beers India and Hindustan Diamond Company (HDC) today entered into a Memorandum of Understanding (MOU) whereby HDC will subscribe for a 26 per cent interest in De Beers India by investing $3.75 million in De Beers India. (HDC is an equal joint-venture between the Government of India and De Beers, which was established in 1978.)


The official signing of the MoU took place at De Beers Corporate Headquarters in the south of Johannesburg. The Indian delegation included HDC chairman and managing director V Madhavan Nair, who was accompanied by De Beers India chairman and managing director Rajiv Bhandari.


Also present at the signing ceremony was the chairman of the De Beers group Nicky Oppenheimer and the Group Exploration director Bill McKechnie. According to Oppenheimer, "The agreement between DBI and HDC brings together the elements from two leading diamond industry nations in a way that fosters the values diamonds represent in both the exploration and diamond cutting worlds. The agreement also cements De Beers' commitment to the Indian diamond industry."


Nair said, "The Memorandum of Understanding is a further strengthening of the relationship between De Beers and the Government of India that has already existed for the past two decades, into a partnership in diamond mining in India. The agreement also illustrates the interest shown by Government of India in diamond exploration and mining."

McKechnie reiterated De Beers commitment to the discovery of new world class diamond mines in India. De Beers India's exploration investment in India to date has been approximately Rs 450 million with planned expenditure in 2005 budgeted at Rs 350 million.

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories