Diamond Hub – World Diamond Conference (India)
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World Diamond Conference (India)
Aiming to make the country a diamond hub, Prime Minister invited Russia’s mining companies like Alrosa to do business directly with India and asked Russian President Vladimir Putin to ease regulations to boost bilateral trade in this sector.
In order to expand manufacturing sector and create more jobs, PM asked Putin to ease regulations and encourage Russian jewellers to process rough diamonds in India and allow duty-free re-import of the polished diamonds.
Russia is the world’s largest diamond producer, while India is the world’s biggest centre for cutting and polishing of rough diamonds. India exports cut and polished diamonds worth USD 20 billion in a year.
Alrosa, the Russian Group of diamond mining firms signed separate contracts with 12 Indian companies to supply diamonds worth USD 2.1 billion over the next three years. “While most of rough diamonds from Russia come to India, less than 20 per cent come directly to India.
Russia is the world’s largest diamond producer. However rough diamond in India comes indirectly through places like Antwerp and Dubai.