An idea propounded by prime minister Narendra Modi over a cup of tea with the Russian president Vladimir Putin during the 2014 BRICS conclave exactly a month back seems to be shaping up. Prime minister Narendra Modi has proposed a three-point programme to boost the domestic diamond cutting and polishing industry with help from Russia, which will give a major impetus to employment in the indigenous industry. Buoyed with the bilateral commitments, Indian companies have inked $2.1 billion pacts with the Russian diamond mining major Alrosa.
Inaugurating the World Diamond Conference in New Delhi along with the visiting Russian president Vladimir Putin, Modi said, "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. Second, I want Alrosa and others to trade directly on our course. 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."
"Third, I asked President Putin to reform regulations so that Russian jewellery makers can send their rough diamond to India and re-import polished diamond without paying duty. This will give a boost to our diamond industry. These measures will also boost India-Russia economic ties," Modi added.
On the backdrop of the inauguration of the conference, twelve Indian firms have signed a $2.1 billion pact with Alrosa, which will supply the diamond to these firms in three equal installments in the next three years. This will essentially weed the middlemen involved in the process and help companies save upon costs.
Speaking at the conference, MoS commerce, Nirmala Seetharaman said, "The diamond industry is an ideal example of "Make in India", which is the vision of our honourable Prime Minister. We have achieved the number one position in the world for manufacturing of diamonds."
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