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De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

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Russia and India sign MoU on diamond industry development

14 august 2019

Indian Minister of Trade and Industry Piyush Goyal led the largest Indian business delegation to pay a business visit to the Far East ahead of the 5th Eastern Economic Forum, which will be held in Vladivostok from September 4 to 6, according to media reports.
Following the visit, the heads of the Far Eastern regions and Indian states signed the memorandums of understanding, among other things, on the development of the diamond industry in the Far East, according to TASS.
Representatives of India and the Far East also discussed opportunities for cooperation in the fields of energy, agriculture, logging, infrastructure, high technology and IT.
“Our visit marks the consistent interest of India in the Far East at the level of our government and regions. We attach great importance to the development of trade and investment cooperation. We have a common goal to reach $30 billion in bilateral trade. We also intend to increase India’s investment in Russia,» Piyush Goyal was quoted as saying.
The MoU on diamond industry development was signed by the Chairman of the Government of the Republic of Sakha (Yakutia) Vladimir Solodov and the Chief Minister of Gujarat, Vijay Rupani.
The state accounts for 72% of Indian jewelry exports. As part of the memorandum, India also intends to cooperate with Russia in the trade, economics and scientific-technical fields, says yakutia.24.
Previously, it was reported that two Indian diamond companies have already started working in Vladivostok, and two diamond-cutting centers are currently being formed in the Far East.
In 2018, diamond exports from the Far East amounted to 35.2 million carats worth $ 2.88 billion, and in the first half of 2019, the turnover of Primorye with India increased by 22% compared to the same period in 2018 and amounted to almost $26 million.
Country representatives will continue discussions on bilateral cooperation within the 2019 Eastern Economic Forum.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg