NEW DELHI (Commodity Online): Alrosa, the world's largest Russian diamond mining company, has signed contracts with three big Indian manufacturers today in New Delhi to supply $490 million of rough diamonds to India for the next three years. On behalf of Alrosa, this contract was signed by its president Mr. Andreyev Fyodor.

The mining giant has signed deals with Diamond India Ltd (DIL), Ratilal Becharlal & Sons (Jasani Group) and Rosy Blue.

These long-term contracts will help Alrosa to boost its sales to India this year to as much as $1 billion, or a third of the company's planned output. In 2009, Alrosa had sold more than $500 million of diamonds to India and in 2008 around $250 million. The company plans to sell $3.2 billion worth of diamonds this year.

According to Mr. Praveen Shankar Pandya, chairman, DIL, who signed the contract on behalf of DIL, "The diamond industry has long been trying to take direct supplies from Alrosa and DIL had been working continuously from the last three years to achieve this. DIL is committed to working closely with Alrosa in enhancing the value addition of diamonds". DIL, a company formed by 60 diamond exporters, will distribute its purchases among 60 committed members on regular basis and among other Indian manufacturers based on their requirements.

The other two manufacturers Ratilal Becharlal & Sons and Rosy Blue (India) Pvt. Ltd are also amongst the 79 companies that are sightholders for the Diamond Trading Co. (DTC)'s 2008-2011 contract period.

Russian Prime Minister Mr. Vladimir Putin is on a visit to India and the Alrosa team is a part of this delegation.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook