Diamond trade will get invite to Russia free commerce zone

A delegation from Russia’s Sakha Republic within the Yakutia province of Siberia that has massive diamond mines has invited diamond and jewelry producers of Surat to spend money on factories the place they might get direct provide of first grade tough diamonds.

The delegation rolled out the crimson carpet at a gathering with the Gems and Jewellery Export Promotion Council (GJEPC) at its Surat workplace on Tuesday, providing area in its free commerce zone and easing out visa hassles.

The go to to Surat, a number one hub of the diamond sprucing trade on the earth, comes precisely a 12 months after the US imposed sanctions on Alrosa, a Russian state-owned mining firm from the place Surat sourced 30 per cent of its diamonds after the Russia-Ukraine battle.

In the final one 12 months, the imports of tough diamonds from Alrosa to Surat have come right down to eight per cent, GJEPC Gujarat chairman Vijay Mangukiya mentioned. Alrosa additionally has massive mines in Yakutia.

The delegation additionally invited GJEPC and Jewellers Association members to go to Sakha Republic and see the infrastructure on the particular financial zone. Maintaining that they might supply the producers tax advantages, the delegation mentioned they might participate within the ‘Vibrant Gujarat Summit’ subsequent January.

Deputy Chairman of the federal government of Sakha Republic (Yakutia), Kim A Borisov, whereas addressing the gathering at GJPEC, mentioned: “Sakha Republic is famous for diamond mining and over 90 per cent of Russian diamonds are mined from there. Alrosa company’s head office is also in Sakha.”

“This is for the first time we have come to Surat. We have a few diamond companies owned by Indians who are doing well. Both the governments (Indian and Russia) have age-old relations.”

He additional mentioned, “We are inviting the Surat diamond and jewellery manufacturers to Yakutia city, where we have free trade zone. We have organised a diamond and jewellery cluster for joint project for companies and had a good experience with the Indian companies. Our request to Indian diamond and jewellery businessmen and manufacturers is to come and make investments at Yakutia city. Indian traders and businessmen should do a joint venture with SAYBM Diamond jewellery company at Yakutia so that they would have direct access to purchase rough diamonds of Alrosa.”

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