An understanding was reached between the Gem & Jewellery Export Promotion Council and ALROSA to work even closer together, to address important issues of the diamond industry, as per reports. The same took place at a meeting in Moscow at ALROSA'S headquarters, where GJEPC Chairman Praveenshankar Pandya met with ALROSA’s new president Sergey Ivanov, and Vice Presidents Yuri Okoyomov and Andrey Polyakov.

Both sides agreed upon greater collaboration on scientific, trade and regulatory initiatives to create a differentiation between natural and synthetic diamonds; increasing rough diamond supply to small scale manufacturers in India and to look at creating effective price discovery mechanisms in rough diamonds, reports say.

Both also are considering the possibility of collaborating for diamond mining in India and a plan to increase Russia’s employment with the setting up of a local jewellery manufacturing industry. Both sides are expected to meet in June alongside the 21st St. Petersburg International Economic Forum where some of these collaborations agreed upon may be formalised.

The talks held followed a detailed presentation by Mr. Praveenshankar Pandya which highlighted the strengthening of the GJEPC-ALROSA over the past few years. Mr. Sergey Ivanov expressed its full commitment towards generic diamond promotion, reports add.