Putin and Modi Discuss Diamond Industry Cooperation in Moscow Talks

Finance and Trade
27/12/2015 07:40

Russian President Vladimir Putin highlighted the strategic cooperation between Russia and India in the diamond industry following a decision last year to increase the volume of rough being supplied to India. India PM Narendra Modi 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 Indian companies which signed long-term contracts for the supply of rough diamonds by ALROSA, from nine in 2014 to twelve in 2015, Rough & Polished reported.

"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," an official statement said. “Almost half of Russia’s rough diamond supplies go 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."