Indian bourse proposes diamond-producing joint venture with Alrosa

India is interested in Russian experience in extracting diamonds. Source: Yuri Smityuk/TASS

India is interested in Russian experience in extracting diamonds. Source: Yuri Smityuk/TASS

Bharat Diamonds Bourse companies may invest $500 million in the venture.

In a move aimed at synergising Indian and Russian interests in the global diamond industry, companies from the Bharat Diamonds Bourse have offered to form a joint venture with Russian diamond giant Alrosa.

Anup Mehta, Managing Director of the Bharat Diamonds Bourse made the suggestion to Yuri Trutnev, Russian Deputy Prime Minister and Presidential Envoy to the Russian Far East, Lenta.ru reported on Mar. 16.

The talks were held in Mumbai.

India needs Russian experience in extracting diamonds at its largest discovered mine, which contains 34 million carats (worth $3 billion), Mehta said.

Companies from the Bharat Diamonds Bourse are ready to invest $500 million in the joint venture.

Trutnev invited Mehta to Russia to discuss the proposal with Alrosa.

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