Alrosa to begin direct supply of rough diamonds to India in 2015
The Dollar Business Bureau Direct diamond trade between India and Russia is expected to benefit both countries Russia’s state-owned diamond mining company Alrosa will begin direct supply of rough cut diamonds to 12 Indian companies for three years beginning 2015, according to India’s Gems and Jewellery Export Promotion Council (GJEPC). Alrosa claims that it has the world’s largest rough diamonds reserves accounts for 27% of global diamond production in terms of carats. The company targets to produce over 40 million carats by 2020. It has presence in major diamond trading centres of Antwerp, Ramat Gan, Dubai, Hong Kong, New York, and London, and is likely to begin operations in India soon after the establishment of a Special Notified Zone (SNZ) for ...
SNZ to help India compete against top diamond trading centres
Sachin Manawaria | The Dollar Business India’s Ministry of Commerce has said that it is establishing a Special Notified Zone (SNZ) for import and trading of rough diamonds that will facilitate international diamond mining companies to sell diamonds to Indian manufacturers directly. The SNZ will ensure a steady supply of rough diamonds, eliminate middlemen and provide the Indian diamond industry a competitive edge against other diamond trading centres such as Antwerp in Belgium, Israel and Dubai. The follows a proposal by the Gem and Jewellery Export Promotion Council (GJEPC) and a study released in January 2013. The Task Group for Diamond Sector had said that a SNZ is required to make India an international trading hub for rough diamonds. The ...
