10 Dec 2019
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Indian Prime Minister accepts industry proposal for a Special Notified Zone
Also, H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India grace the occasion
By: Diamond World News Service
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Dec 12 2014 12:38PM
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Reference: 10935  

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The Gem & Jewellery Export Promotion Council (GJEPC), the apex body of gems and jewellery trade in India, in association with the Ministry of Commerce and Industry, GOI and World Diamond Mark Foundation (WDMF) organized the first ever-global congregation of Diamond leaders in India at the “World Diamond Conference” in New Delhi on December 11 and 12, 2014 at Vigyan Bhawan, New Delhi, India. H.E. Vladimir Putin, Hon. President of Russian Federation and Shri Narendra Modi, Prime Minister India, attended the inaugural function on December 11, 2014.

The Conference attracted leading personalities from various segments of the industry as well as government dignitaries including Mr.Denis Manturov, Honourable Minister of Industry & Trade, Russian Federation, Shrimati Nirmala Sitharaman, Honourable Minister of State for Commerce & Industry, Mr. Illya Ryashchin, Acting President ALROSA Russia, Ms. Sonam Kapoor, Brand Ambassador, GJEPC along with Mr. Vipul Shah Chairman GJEPC and Vice Chairman GJEPC, Mr. Pankaj Parekh.

Shri Narendra Modi, Prime Minister of India, announced the acceptance of the industry’s proposal for a Special Notified Zone that will help miners bring roughs on consignment basis display and book orders from local buyers. GJEPC’s proposes to conduct weekly auctioning of rough diamonds in collaboration with Bharat Diamond Bourse (BDB) at Mumbai. The main objective is to provide producers direct access to Indian market and vice versa. India cuts and polishes more than 90% of rough diamonds in terms of carats and more than 70% in terms of value.

Also, Alrosa finalized three-year contracts for direct rough supply to 12 Indian diamond companies beginning 2015. The agreements were signed by Mr. Illya Raschin, Acting President of Alrosa with the respective heads of each of the companies in the presence of Shri Siddharth, Joint Secretary, Dept. of Commerce, Ministry of Commerce & Industry, Government of India. During the new contract period, the estimated direct sales from Alrosa to Indian companies will be about US$ 700 million, and the total for the three-year period will reach US$ 2.1 billion. This represents a massive five fold hike in the current direct supplies of rough from Alrosa to India and will provide a huge boost to the Indian manufacturers.

Commenting on GJEPC’s landmark initiative for global diamond trade, Vipul Shah, Chairman of Gem & Jewelry Export Promotion Council said, “India, which is the major diamond polishing hub, and Russia, which is poised to spend significantly in diamond exploration in the future, are Natural Diamond Partners and expected to gain enormously with the direct partnership proposal accepted by our Prime Minister today. The visit of H.E. Vladimir Putin, Hon. President of Russian Federation to India during the World Diamond Conference is of great significance and we are grateful that the GOI has accepted our proposals for Direct Sourcing and a Special Notified Zone in India”.

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