Indo-Russian Diamond Ties Take A Giant Leap
Solitaire International|June 2017

In a historical development marking an important milestone in the relations between the Indian and Russian diamond industries, the Gem & Jewellery Export Promotion Council (GJEPC) of India and Russian diamond mining firm Alrosa signed a Memorandum of Co-operation (MoC) in the presence of India’s Prime Minister Narendra Modi and Russia’s President Vladimir Putin on June 1st.

Indo-Russian Diamond Ties Take A Giant Leap

Signed on the sidelines of the St. Petersburg International Economic Forum (SPIEF) in Russia, the MoC is seen as significant as it marks a leap forward in the co-operation between the two biggest entities representing two different segments of the diamond industry – India is the world’s largest diamond cutting and polishing centre with the greatest share in both value and volume terms, and Alrosa is the largest producer of rough diamonds on a volume basis. The cooperation between the two giants in the areas of generic marketing of diamonds will have a game-changing impact on the international diamond industry.

The MoC covers significant areas, including:

Trade Development

It was during the World Diamond Conference held in 2014 in New Delhi, in a session addressed by President Putin and PM Modi that the latter had made the announcement about the Government of India’s decision to set up a Special Notification Zone (SNZ). The first SNZ is up and running for viewing of goods from international mining companies within the complex of the Bharat Diamond Bourse (BDB) in Mumbai.

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