Indian Commerce and Industry Minister, Mr Anand Sharma recently met up with Trade and Industry Minister of the Russian Federation, Mr Victor B. Khristenko on the possibilities and modalities of strengthening the diamond sector trade between the two countries. The cooperation is being looked upon as an opportunity for mutual growth which will flow as an overall boost for the global diamond market.

The discussions involved possibilities of entering into long-term agreements for allocation of rough diamonds to India and of Alrosa opening an office in India. Media reports inform that the meeting concluded on a pleasant note. Alrosa delivers one-fourth of global rough diamond production in value terms and 97 per cent of Russia's overall diamond output. According to reports, Alrosa plans to achieve rough and polished diamond sales upto $3.3 billion by 2010-end.

Mr R. P. Singh, Secretary, Department of Industrial Policy and Promotion, and senior officials from both sides were also present at the meeting.

Besides cooperation in the diamond sector, discussions also reached towards possibilities of a cooperation with Russia for market access for pharmaceuticals, bovine meat and animal products, highly feasible technological projects.