AzerGold CJSC, Azerbaijan Investment OJSC, and Indian “Devngi Innovations LLP” have signed a Memorandum of Understanding on mutual cooperation on October 25, 2023.
The tripartite memorandum was signed by the Chairman of the Executive Board of AzerGold, Zakir Ibrahimov, the Executive Director of Azerbaijan Investment Company, Ulvi Mansurov, and an authorized representative of Devngi Innovations LLP, Sanat Nareshkumar Vaviya, at the event held in the Ministry of Ecology and Natural Resources.
The Memorandum aims to identify the opportunities to launch the lab-grown diamond production industry and natural diamond processing infrastructure and establish a joint venture within the partnership of Azerbaijan and India.
Delivering a speech at the ceremony, Zakir Ibrahimov emphasized the strategically favorable geographical position, modern transport and logistics infrastructure of our country, which provide an avenue for the development of international cooperation in the most diverse fields of the economy. Underlining the fact that India is the largest and leading lab-grown diamond producer in the world, the chairman noted that the implementation of the project in cooperation with the brotherly country of India promises wide prospects. He also mentioned the project’s great contribution to the country's economy, but also the application of cutting-edge technologies and the initiation of non-traditional sector in our country.
Zakir Ibrahimov also highlighted the significance of becoming a member of the Kimberley Process, taking into account the similarity of natural and synthetic (lab-grown) diamond processing. The chairman drew attention to the fact that relevant public bodies were applied for membership, and these bodies have made strides for this purpose. He noted that upon accession to the Kimberley Process, the parties will be able to use joint efforts to establish a natural diamond production field in the country.
The chairman expressed his belief about the successful implementation of the project, which will open new production areas, create a wide variety of job opportunities, and offer export and import of new products. He mentioned the project’s prospective positive effects on the growth of the non-oil sector’s weight in the Gross Domestic Product and the multifaceted development of the jewelry industry.
Mukhtar Babayev, the Minister of Ecology and Natural Resources and Co-Chairman of the Intergovernmental Commission on Trade, Economic, Scientific, and Technological Cooperation between the Republic of Azerbaijan and the Republic of India, noted that the cooperation launched towards the organization of the lab-grown diamond industry and natural diamond processing in our country is important within the existing economic relations between Azerbaijan and India. The minister expressed his confidence in the prospective contributions of this project to the collaboration of two countries.
Speaking at the event, the Executive Director of "Azerbaijan Investment Company" OJSC, Ulvi Mansurov, Chairman of the Executive Board of Alat Free Economic, Zone Valeh Alasgarov, and the authorized representative of "Devngi Innovations LLP" S.N. Sanat Nareshkumar Vaviya drew attention to the launch of a joint venture in Alat Free Economic Zone within the first phase of the project and the initiation of a non-traditional industry in Azerbaijan.
Notably, with its extensive experience in the lab-grown diamond industry, "Devngi Innovations LLP" is a distributor and manufacturer of CVD (synthetic diamonds grown by chemical vapor deposition) diamonds.