New Delhi: Prime Minister Narendra Modi on Thursday pitched with Russia to directly send rough diamonds to India and sign long term contracts with Indian companies.“Few in India would be aware that out of ten polished diamond pieces sold globally, nine have been processed in India. However, rough diamond in India comes from abroad. And, it mostly comes indirectly through places like Antwerp and Dubai. Of course, Antwerp trade is now run mainly by Indians,” said Mr Modi at the World Diamond Conference.
Mr Modi said that while most of rough diamonds from Russia come to India, less than 20 per cent comes directly to India. “We have with us today the head of Russian company Alrosa, which controls most of the production and trade in rough diamonds in Russia. It has direct sales contract with 7 to 8 Indian companies. I want major diamond mi-ning companies to sell directly to the Indian diamond industry. It will be good for them and for India,” he said.
Mr Modi said that he has made three proposals to President Putin. “First, I would like Alrosa to have direct long term contracts with more Indian companies. I am pleased to know that they are moving in that direction,” said Mr Modi. PM said that he wants Alrosa and others to trade directly on Indian bourse. “We have decided to create a Special Notified Zone, in which major mining companies can import rough diamonds on a consignment basis and re-export unsold ones. This is going to benefit Indian diamond industry and create more jobs for our youth.”
