Modi-Putin Agree to Cooperate in Diamond Sector

In a statement to the press following the Russian-Indian talks in Moscow, Russian President Vladimir Putin highlighted the strategic cooperation between Russia and India in the diamond industry. “Russia is the world’s largest diamond-producing country, which accounts for 27 per cent of the global diamond output, and India is the leader in diamond manufacturing accounting for 65 per cent of polished production,” he said. “Almost half of Russia’s rough diamond supplies go exactly to India.

Last year, in the course of the World Diamond Conference held in New Delhi we agreed with the Prime Minister of India on further enhancing this cooperation and the work is underway. In particular, ALROSA has increased the number of its long-term contracts from 9 to 12. To expand this cooperation, India is setting up a Special Notified Zone at the Mumbai Diamond Bourse.”

The Russian-Indian joint statement on the results of the official visit of Narendra Modi, Prime Minister of India to the Russian Federation said that the parties welcomed the initiatives aimed at the development of direct trade relations between Russia and India in the diamond industry, including an increase in the number of companies being residents of India, which signed long-term contracts for the supply of rough diamonds by ALROSA, from nine in 2014 to twelve in 2015.

“The parties also welcomed the creation of a Special Notified Zone (SNZ) in the framework of the Mumbai Diamond Bourse and the beginning of rough diamond displays at the site of the ALROSA Group. They agreed to promote further development of the SNZ and its operating principle to organize rough diamond auctions,” the document said.