Russian and Indian diamond industry members have partnered together to export and cut diamonds in a lucrative deal. Alrosa, a Russian diamond producer, enlisted the help of Rosy Blue, Diamond India and Ratilal Becharlal and Sons. The three Indian entities, all diamond cutters, will have access to Alrosa’s supply of raw diamonds valued at more than $490 million, according to current market prices. The company released this information in a recent press release, signifying a significant step forward in the highly successful Indian and Russian gem markets.
The contract stipulates that Russian exported diamonds will be adjusted in price according to quarterly reviews of the international diamond market. Also included in the contract negotiations were eventual increases in the supply of raw diamonds through Alrosa. This increase is not gauranteed, but highly probably should the partnership be successful.
Alrosa’s track record with Indian diamond cutting companies sparkles with success. The prolific diamond producer sold diamonds valued at over $500 million to Indian cutting companies in 2009 alone, nearly half of their total exports. In addition, Alrosa accounts for nearly 25 percent of the total global diamond output.
“ALROSA Company Limited is one of the world’s leading companies in the field of diamond exploration, mining and sales of rough diamonds, and diamond manufacture. ALROSA accounts for 97% of all Russia’s diamond production,”says the company’s website.