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Surat firms get direct access to diamonds |
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SURAT: Surat was the biggest gainer at the first-ever World Diamond Conference (WDC) that began in New Delhi on Thursday.
Russian diamond mining giant, Alrosa, signed a three-year contract with Gems and Jewellery Export Promotion Council (GJEPC), for the direct supply of rough diamonds worth $2.1 billion to 12 Indian companies. Majority of the firms are from Surat.
The agreement ensures that small and medium diamantaires need not pay premiums on the purchase of roughs.
Earlier, Alrosa's roughs were sourced in India through Antwerp and Dubai, which required that diamond cutters and polishers pay premiums to agents.An informal understanding for the direct supply of roughs was worked out in April when GJECP chairman Vipul Shah met then Alrosa president Fyodor Andreev.
Alrosa is the world's largest diamond miner by volume and the second largest by value. The annual production of diamonds by Alrosa is pegged at $5 billion. At present, over 50% of roughs produced by Alrosa enter India through different channels.
The agreements were signed by Illya Ryashchin, acting president of Alrosa, with the heads of Rosy Blue, Diamond India Ltd, Jasani, Kiran Gems, Shree Ramkrishna Exports, Hari Krishna Exports, KGK, Dimexon, Venus Jewel, Karp Impex, Sheetal Manufacturing and Asian Star.
"This is a historic day for the Indian diamond industry. The deal will boost the industry in India," said Shah.
Speaking on the occasion, Prime Minister Modi said, "India has approved the special notified zone with reforms in regulations to allow the consignment import of rough diamonds. This will allow mining companies to bring their rough diamonds and re-export the unsold diamonds without any duty."
Russian President Valdimir Putin said, "More private Russian companies are investing in mining and we are proud that 50% of our diamonds are supplied to India."
Source : timesofindia.indiatimes.com
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