The visit of Russian President Vladimir Putin to India, his talks with Prime Minister Narendra Modi, during which ALROSA signed several agreements on the supply of rough diamonds to India, were widely reported in the local media. Here are some publications highlighting these events.
Modi Wants More Diamonds Direct From Mines in Putin Proposal
(The Bloomberg Businessweek) - India wants to buy more rough diamonds directly from mining companies as the world’s biggest polisher of the gems seeks to bypass traditional dealers. Prime Minister Narendra Modi called on more major suppliers such as Russia’s OAO Alrosa to sell directly to India, which polishes 80 percent of the world’s diamonds, avoiding trading centers such as Antwerp and Dubai. Speaking alongside President Vladimir Putin in New Delhi, Modi said he asked the Russian leader to drop duties on jewelry makers who send rough stones to India and re-import polished gems.
Modi asks Putin to remove taxes to add sparkle to diamond trade
(The BusinessLine) - India wants Russia to allow the latter’s diamond companies to sell rough diamonds to India and buy polished ones from here without any duty. Russia, on the other hand, stressed that India needs to improve its custom procedures, enhance security, and ease of doing business. Modi asked Russian companies to sell diamonds directly in India, instead of routing it through Antwerp and Dubai, and turn the country into a diamond hub. Modi also announced setting up of a Special Notified Zone, in which major mining companies can import rough diamonds on a consignment basis and re-export unsold ones.
Putin, Modi Seal Deal For Direct Sale Of Russian Rough Diamonds To Indian Cos
Twelve Indian companies have signed contracts with Russian diamond mining giant ALROSA to source diamonds worth $2.1 billion
(The Business World) - Signaling a major initiative in increasing business ties with Russia, Prime Minister Narendra Modi on Thursday (11 December) announced that he and visiting Russian President Vladimir Putin had agreed that Russian diamond mining companies would sell roughs directly to Indian manufacturers. Henceforth, he said, the Russian diamond mining giant Alrosa, which accounts for around 25 percent of the world’s supply of roughs, will directly contact and clinch deals with Indian jewellery manufacturers.
Indian companies ink pact to buy $2.1 bn diamonds from Russia
(The Business Today) - In a bid to create alternative import sources of rough diamonds for the Indian cutting and polishing industry, Russia's state-led Alrosa mining group has entered into direct selling agreements with 12 diamantaires for supplies worth $2.1 billion over three years. Some of the top Indian exporters of cut and polished diamonds will benefit from the deal that is expected to create an alternative source of roughs for India, which is the world's largest hub for this industry, accounting for nearly 80 per cent of volume, officials said. Russia is the top producer of roughs and Alrosa controls around 27 percent of global trade. The agreements were signed coinciding with Russian President Vladimir Putin's visit in India for the 15th India-Russia Annual Summit, during which he and Prime Minister Narendra Modi also attended the World Diamond Conference.
