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India Requests Russia to Increase Rough Diamond Supply

Mar 28, 2012 3:40 AM   By Dilipp S Nag
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RAPAPORT... India has asked Russia to push ALROSA for an early conclusion of  long-term supply contracts so that more Indian companies can apply to source rough from the mining giant.  The move would enable India's state-run trading company MMTC Ltd. and the Hindustan Diamond Company Private Limited (HDCPL) to apply for rough from ALROSA.

Anand Sharma (left side in the photo), India’s minister of Commerce, Industry and Textiles, made the request during a meeting in New Delhi on Tuesday with E. Nabiullina, the minister of Economic Development of Russian Federation. 

Sharma also requested that Russia formalize a mechanism for the sale of diamonds to India by Gokhran, Russia’s state depository of precious metals. Nabiullina agreed  to look into the matter.

Both sides agreed to work toward a substantial increase in trade volume between the two countries as they noted that the level of Indo-Russian bilateral trade is far below its potential.

*Photo Source: Press Information Bureau, India.
Tags: Alrosa, Anand Sharma, diamonds, Dilipp S Nag, E Nabiullina, Gokhran, HDCPL, India, Long Term Contract, MMTC, Rapaport, rough, rough diamond, Russia, supply
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