|At an official signing ceremony in Saint Petersburg in Russia, representatives of the Indian Gem and Jewellery Export Promotion Council (GJEPC) and Russian mining company Alrosa signed a memorandum of cooperation between the two organizations.
According to the press release issued by Alrosa, the document outlines, among other things, support for the Special Notified Zone located in India's Bharat Diamond Bourse, as well as agreement between the parties "to support measures aimed at legislative separation of natural and synthetic diamond markets, as well as informing ALROSA about those who violate the principle of separate sale of natural and synthetic diamonds in the Indian market."
The full text of the announcement follows below.
Russia and India develop cooperation in diamond industry
Saint Petersburg, June 1, 2017 - Memorandum of Cooperation between PJSC ALROSA and Gem & Jewelry Export Promotion Council (GJEPC) was signed in the scope of India-Russia Summit with the participation of the Russian President Vladimir Putin and Indian Prime Minister Narendra Modi. The official signing ceremony took place in the Konstantin Palace in Saint Petersburg.
The Memorandum was signed by ALROSA President Sergey Ivanov and GJEPC Chairman Praveenshankar Pandya. The document reflects an upward trend in bilateral cooperation between ALROSA ? GJEPC and outlines the main tendencies for the next three years. The parties agreed to support the Special Notified Zone (SNZ) established on the basis of Bharat Diamond Bourse in 2015 for rough diamond trading and initiatives to create preferential tax treatment and expand ALROSA's activities inside the zone.
The Parties have agreed to support measures aimed at legislative separation of natural and synthetic diamond markets, as well as informing ALROSA about those who violate the principle of separate sale of natural and synthetic diamonds in the Indian market. Besides, ALROSA and GJEPC will exchange statistics and interact within international industry organizations - Diamond Producers Association and World Diamond Council."India is the world's largest diamond cutting and polishing center and one of our key trade partners. Rough diamonds worth USD 752.6 million were supplied to India under direct contracts in 2016. We see great prospects for the expansion of trading activities in this country, including through the Special Notified Zone at Bharat Diamond Bourse. I believe that long-term partnership with such an authoritative organization as The Gem & Jewellery Export Promotion Council will be of great importance for the expansion of ALROSA's export opportunities in India and development of cooperation with local manufacturers," said Sergey Ivanov.