Mumbai: India has signed a memorandum of understanding with Russia to source data on diamond trade between two countries. India is the largest diamond processor, while Russia is the world’s largest rough diamond producer.
The agreement between both countries was signed in Russia by the Gem and Jewellery Export Promotion Council and Russian Government-owned diamond mining firm Alrosa which accounts for close to 25 per cent of the world output. India accounts for about 60 per cent of global polished diamond output in value terms. India imported 163.11 million carats of rough diamonds worth $16.34 billion and exported 36.46 million carats of polished diamonds worth $20.23 billion in 2013. Indian exported gems and jewellery worth $36.04 billion last year. Russia produced 34.9 million carats of rough diamonds in 2012.
The Reserve Bank of India recently liberalised financing for rough diamond imports by allowing banks to extend advance remittance to Indian importers in favour of any global miners. Earlier, this facility was restricted to five global miners of roughs.
Vipul Shah, Chairman GJEPC, said India has sought long-term contracts between Alrosa and the Indian cutting and polishing industry. With this association, both trade bodies look forward to cooperation and exchange information in the framework of implementation of Kimberley Process Certification Scheme which prevents diamond industry finance to war or human rights abuses.
An Alrosa study team visiting India recently said most of the rough diamonds produced in Russia are cut and polished in India.
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