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Alrosa, India Agree to Tighten Relationship
Jun 5, 2017 8:20 AM
By Rapaport News
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RAPAPORT... Alrosa and India’s Gem & Jewellery Export Promotion
Council (GJEPC) have inked an agreement to let the Russian miner sell diamonds
in India at preferential tax rates.
A memorandum of cooperation (MoC) between the two parties,
signed in the presence of Indian Prime Minister Narendra Modi and Russian
President Vladimir Putin, states that the GJEPC will work to establish a
special tax regime for Alrosa so the rough producer can carry out direct sales at
the India Diamond Trading Centre (IDTC) in Mumbai. The IDTC is a zone in the Bharat
Diamond Bourse that was established in 2015 to let traders source rough directly from
miners.
Additionally, ALROSA would be able to set up a
representative office in the bourse, which could later become a sales office.
“The GJEPC has [long] been encouraging diamond mining
companies to sell rough diamonds directly to the Indian market, and the
MoC may well be the first step to realizing this goal,” said GJEPC chairman
Praveenshankar Pandya, who signed the memorandum alongside Alrosa president
Sergey Ivanov.
The two parties also pledged in the agreement to exchange
more data and technology, commit to the promotion of diamonds on a generic
level, and ensure natural and synthetic diamonds were kept separate.
“We see great prospects for the expansion of trading
activities in [India], including through the special notified zone at Bharat
Diamond Bourse,” Ivanov said. “I believe a long-term partnership with such an
authoritative organization as the Gem & Jewellery Export Promotion Council
will be of great importance to the expansion of Alrosa’s export opportunities
in India and development of cooperation with local manufacturers.”
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Tags:
Alrosa, Bharat Diamond Bourse, Gem & Jewellery Export Promotion Council, India, India Diamond Trading Centre, memorandum of co-operation, MoC, mumbai, Narendra Modi, Praveenshankar Pandya, Rapaport News, Rough Diamonds, rough traders, Sergey Ivanov, tax, Vladimir Putin
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