Russia deals for direct sourcing of diamonds to
India
10/12/2014 18:40
During Russian President Vladimir Putin's India visit, 12 long-term contracts are expected to sign between the business groups of India and Russia in the fields of gems and jewellery, reported PTI. Gems & Jewellery Export Promotion Council (GJEPC) said today that the contract on direct sourcing of rough diamonds from Russia will be signed tomorrow on the sidelines of the World Diamond Conference. India is the world's largest manufacturing centre for cut and polished diamonds, contributing 85 per cent in terms of volume, while Russia is the world's largest producer of diamonds, added the media reports. Commenting on the development, GJEPC, Chairman, Vipul Shah told PTI that, "The 12 long-term contracts will be signed between representatives from ALROSA - the Russian group of diamond mining companies, and Indian companies on the sidelines of the World Diamond Conference." "The sourcing agreement will help significantly reduce the transaction costs for Indian traders as at present, most of the Russian diamond supplies are coming via Dubai, Antwerp and Belgium," Shah said.
10/12/2014 18:40
During Russian President Vladimir Putin's India visit, 12 long-term contracts are expected to sign between the business groups of India and Russia in the fields of gems and jewellery, reported PTI. Gems & Jewellery Export Promotion Council (GJEPC) said today that the contract on direct sourcing of rough diamonds from Russia will be signed tomorrow on the sidelines of the World Diamond Conference. India is the world's largest manufacturing centre for cut and polished diamonds, contributing 85 per cent in terms of volume, while Russia is the world's largest producer of diamonds, added the media reports. Commenting on the development, GJEPC, Chairman, Vipul Shah told PTI that, "The 12 long-term contracts will be signed between representatives from ALROSA - the Russian group of diamond mining companies, and Indian companies on the sidelines of the World Diamond Conference." "The sourcing agreement will help significantly reduce the transaction costs for Indian traders as at present, most of the Russian diamond supplies are coming via Dubai, Antwerp and Belgium," Shah said.
