Mumbai, April 19, 2018 − ALROSA, the world’s largest diamond mining company, opened its representative office in Mumbai (India), on the territory of the Bharat Diamond Bourse, on April 19.
The grand opening ceremony was attended by Mr. Russel Mehta, Advisor to Chairman and Member to the Board of the Gem & Jewellery Export Promotion Council of India (GJEPC), Mr. Anoop Mehta, the president of the Bharat Diamond Bourse, and Mr. Mehul Shah, vice-president of the Bharat Diamond Bourse.
India is the largest diamond polishing center. According to different estimates, from 70% to 90% of world’s rough diamonds are cut there. Being the largest rough diamond miner, ALROSA has a long trade collaboration with India and is interested in strengthening this cooperation.
In 2017, ALROSA directly supplied to India rough diamonds worth almost $700 million. In the new contract period (2018-2020), ALROSA has signed 15 long-term contracts with diamond manufacturing companies in India – 14 for gem-quality diamonds and one for industrial goods. ALROSA currently works with more than 100 Indian companies that buy diamonds from the spot market or auctions.
ALROSA representative office won’t conduct any trading activity and will be concentrated on strengthening ties with Indian market. Mr. Jim Vimadalal, the Mumbai office Director, will work on promoting ALROSA brand on the local market, suggesting new clients and solving technical issues of existing clients. He will also be responsible for interaction with industry organizations, including discussing opportunities for business development, preventing the market from synthetic stones, studying consumer demand trends.
“India plays a huge role in the world polishing business, it is also a prospective market for diamond jewelry consumption. We see the Indian diamond sector growing, and welcome the governmental initiatives aimed at creating more comfortable and stable working environment for the industry. Of course, ALROSA is interested in expanding its presence on the Indian market and closer cooperation with industry bodies, both for trade and the entire industry development”, said Evgeny Agureev, the Executive committee member, the Director of the United Selling Organization of ALROSA.