ALROSA and The Gem & Jewellery Export Promotion Council of India (GJEPC) signed a Memorandum of Understanding (MoU) aimed at improving cooperation between the Russian and Indian diamond communities.
The document was signed at an official ceremony in Moscow on 10 April by Fyodor Andreev, ALROSA President, and Vipul Shah, Chairman of GJEPC.
The parties agreed to further explore possible areas of cooperation. 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.
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.
Fyodor Andreev, the President of ALROSA said, “India is one of the major players on the global diamond market. ALROSA’s rough diamonds sales to Indian companies have been steadily growing for the last 5 years, amounting to $700 mln in 2013. Indian customers successfully 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.”