New Delhi: On the first day of the World Diamond Conference India, Russia’s Alrosa finalized three year-contracts for direct rough supply to 12 Indian diamond companies beginning from 2015. The agreements were signed by Illya Raschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India.

The 12 companies selected as clients of the Russian miner are: Rosy Blue, Diamond india Ltd, Jasani Group, Kiran Gems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star.

During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three year period will reach US$ 2.1 billion.

This represents a massive five fold hike in the current direct supplies of rough from Alrosa to india and will provide a huge boost to the Indian manufacturers.