India’s GJEPC signs MoU with Russian diamond producer Alrosa

GJEPCIndia's Gem & Jewellery Export Promotion Council (GJEPC) has signed a memorandum of understanding (MoU) with Russian diamond mining firm Alrosa to share information on diamond trade between the two nations.

The MoU, signed by GJEPC Chairman Vipul Shah and Alrosa President Fyodor Andreev in Moscow on Thursday, will allow the two sides to share trade as well as statistical data on the diamond trade between the two nations.

The agreement will provide the two sides with information on Indian and Russian diamond trade figures and on Indian diamond market. In addition, it will ensure direct supply of rough diamonds to India on a long-term contract. The South Asian country imported nearly 163 million carats of rough diamond worth $16.34 billion and exported more than 36 million carats of polished diamonds valued $20.23 billion during 2013.

Fyodor Andreev noted that India was one of the biggest participants of the global diamond market, and that the amount of Alrosa's rough diamonds sales to India was on the rise for the last five years.

Vipul Shah said that agreement would benefit the entire Indian industry. After signing the agreement, he told reporters, "Russia is the biggest diamond producer country. The entire Indian industry is going to benefit out of this strategic trade partnership between GJEPC and Alrosa."

The Russian Federation is the world's largest diamond producer. Last year, it produced 33 million carats of diamonds, of which, Alrosa accounted for 97 per cent. When it comes to global diamond output, Alrosa accounts for nearly 25 per cent of the market.