Reports say that Russian mining company Alrosa has agreed in principle to supply $300 million worth of rough diamonds a year to Israel. Trade Minister of Israel Benjamin Ben Eliezer recently led a business delegation to Russia, during which he had put forth the request for direct supply of rough diamonds. Avi Paz, the president of the Israel Diamond Exchange (IDE), and David de Toledo, the vice president of the Israel Diamond Manufacturers Association (IDMA), were part of the delegation, which met with senior officials from Alrosa and the state repository, Gokhran, reports add.

Israel considers this move as one that will enable strengthening its position as a global manufacturing and trade center for diamonds, and the economic ability of its diamond polishing sector.

Although so far, no official agreement has been signed by any of the two entities.