ALROSA may get a chance to trade in India

Before the end of 2015, India may create the necessary conditions for the organization of diamond auctions, which will be favorable to the Russian diamond company Alrosa, Indian Ambassador Pundi Srinivasan Raghavan told RIA Novosti in a recent interview.

Before the end of 2015, India may create the necessary conditions for the organization of diamond auctions, which will be favorable to the Russian diamond company Alrosa, Indian Ambassador Pundi Srinivasan Raghavan told RIA Novosti in a recent interview.

India is the world’s largest diamond production center; here they cut more than 70% of the diamonds produced on earth.

“We hope to create conditions for ALROSA that will allow it to directly trade in India, and organized their own auctions to sell diamonds in our country, the Ambassador noted.

He explained that today ALROSA already organizes such auctions in countries like Belgium and Dubai, but not in India. “The company says that this is due to the absence of optimal conditions in India. Our government has decided to work on creating the necessary conditions for ALROSA to be able to profitably sell diamonds in India. This process continues,” added the diplomat.

According to him, the Indian side is currently working on all the relevant issues, including those related to taxation. “ALROSA is a commercial company. It will start selling when the time is the most advantageous for its activities. Now the ball is on the Indian side, and we have to create these conditions. In the next 2-3 months, I believe that many of these issues in the field of management and logistics will be resolved – and I hope that, by the end of this year, everything will be settled,” concluded the ambassador.

First published in Russian by RIA Novosti.

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