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HRD Indian putch

Indian community in Antwerp gains control over HRD 

09 May 2006 found at http://www.newkerala.com/

Indian diamond business community in Belgium's Antwerp city has gained control over the trade's main governing body, the Diamond High Council.

Diamond traders from India won five out of the six seats on the board of the Hoge Raad Voor Diamant (HRD), the grouping that regulates and represents the diamond sector in the rough diamond capital of Antwerp, according to 'India News in Europe Programme'.

Around 500 Indian families mainly hailing from Gujarat town of Palanpur are involved in diamond trade in Antwerp. They arrived in the port city in 1970s, absorbed technical diamond manufacturing skills and globalised the diamond trade.

Today, Indians control sixty per cent of Antwerp's rough and polished diamond trade worth USD 36 billion in 2006 and which was originally dominated by Jews since the 15th century.

In spite of their global economic dominance until now, the Indian community was severely under-represented in the HRD, the umbrella body created in 1973.

It governs and represents Antwerp's diamond trade with the mandate of 13 different organizations representing different elements of the diamond trade.

General Secretary of the Indo-Belgian Diamantaire Association Shashin Choksey said, "We have to now put ethnic differences aside and work for the future of Antwerp." Antwerp's diamond industry contributes to 7 to 8 per cent of Belgium's overall exports and has generated 30,000 jobs till date. However, its undisputed position as a leading diamond centre is being challenged by upcoming centers like tax-free haven Dubai and India which is now the world's diamond manufacturing hub.

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