"AzerGold", AISH & Indian company sign Memorandum of Understanding

Today, the signing ceremony of the Memorandum of Understanding on mutual cooperation was held between "AzerGold" CJSC, "Azerbaijan Investment Company" OJSC (AISH) belonging to the Ministry of Economy, and the Indian company "Devngi Innovations LLP," Azernews reports.

At the ceremony held at the Ecology and Natural Resources Ministry, the memorandum was signed by Zakir Ibrahimov, Chairman of AzerGold, Ulvi Mansurov, Executive Director of AISH, and Sanat Nareshkumar Vaviya, authorized representative of Devngi Innovations LLP.

The main purpose of signing the Memorandum of Understanding is to study the possibilities of building the synthetic (artificial) diamond industry and natural diamond processing infrastructure in Azerbaijan, to establish and organize the activities of a joint company on the basis of an Azerbaijan-India partnership.

Speaking at the event, Z.Ibrahimov noted that the favorable geographical position of Azerbaijan, which has a modern transport and logistics infrastructure, allows for the development of international cooperation relations in the most diverse fields of the economy. In this regard, it was said that the construction of a new production infrastructure in cooperation with India, which is considered the leading country in the field of synthetic diamond production in the world, promises wide prospects for the country's economy.

The Chairman of the Board of Directors said that taking into account the similarity of the processing processes of natural and synthetic diamonds, the relevant state institutions have been approached to accept Azerbaijan as a member of the Kimberley Process, and those institutions have started the process. Z.Ibrahimov noted that after the confirmation of Azerbaijan's membership in the Process, appropriate steps will be taken with the joint efforts of the parties to establish a natural diamond processing area. He added that as a result of the successful implementation of the project, new production areas and jobs will be created, and new types of products will be exported and imported. This will have positive effects on the increase of the share of the non-oil sector in the Gross Domestic Product, and on the multifaceted development of the jewelry industry of our country.

Mukhtar Babayev, Minister of Ecology and Natural Resources, Co-Chairman of the Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation between Azerbaijan and India, said that the cooperation established in the direction of the organization of the synthetic diamond industry and natural diamond processing in our country is of great importance in terms of the development of the existing economic relations between Azerbaijan and India. noted.

At the event, U. Mansurov, SNVaviya, as well as Valeh Alasgarov, Chairman of the Management Board of the authorized body of the Alat Free Economic Zone, spoke at the event and drew attention to the fact that the foundation of a non-traditional sector for Azerbaijan will be laid with the activity of the joint enterprise planned to be established in the Zone for the production of synthetic diamonds at the initial stage.

Devngi Innovations LLP is a manufacturer of CVD (synthetic diamonds grown by chemical vapor deposition) diamonds with extensive experience in the synthetic diamond industry.