The Gem & Jewellery Export Promotion Council of India (GJEPC) and ALROSA have signed a Memorandum of Understanding (MoU) aimed at improving cooperation between the Indian and Russian diamond communities.
The document was signed at an official ceremony in Moscow on 10 April 2014 by Vipul Shah, chairman of GJEPC and Fyodor Andreev, ALROSA president.
ALROSA and GJEPC agreed to exchange information on the development of the co-operation between the Indian and Russian diamond sectors, including overviews of the diamond market, Indian and Russian diamond trade statistics, findings of the Indian diamond market research.
Also, both parties will cooperate and exchange information on Kimberley Process issues and jointly work to ensure separate sales of natural diamonds and diamond jewellery and synthetics.
ALROSA’s Andreev said, “India is one of the major players in the global diamond market. ALROSA’s rough diamonds sales to Indian companies have been steadily growing for the last 5 years, amounting to US$700 million in 2013. Indian customers work with ALROSA on the basis of competitive bidding and under long-term contracts. The partnership between ALROSA and GJEPC will strengthen our cooperation with the Indian diamond community.”
India imported 163.11 million carats of rough diamond worth US$16.34 billion and exported 36.46 million carats of polished diamonds worth US$20.23 billion in the calendar year 2013. Total Indian provisional export of gems and jewellery during calendar year 2013 were US$36 billion.
Alrosa accounts for close on 25 percent of the world output, while the Indian diamond processing industry accounts for some 60 percent by value of global polished diamond output. An estimated 14 out of 15 polished diamonds around the world are cut and polished in India.
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