India Considers Cutting Import Duties for Russian Diamonds, Jewelry

New Delhi is considering signing a bilateral agreement with Russia to reduce import duties on processed diamonds and jewelry, the chairman of the country’s Gem & Jewelry Export Promotion Council (GJEPC), Sanjay Shah, has said, according to TASS.

According to Shah, India sees the Russian market as a “very promising”.

“We import rough diamonds from Russia worth around $3.5 billion,” he said, adding that reduction in duties will increase bilateral trade by $2-3 billion. “If the duties are reduced or zeroed, trade between India and Russia will flourish,” the chairman said.

The two countries have been developing cooperation in the diamond industry in recent years, with Russia’s top diamond producer Alrosa and India’s GJEPC considering preferential tax treatment for diamond trading.

The world’s largest diamond cutting and polishing center in India is one of Alrosa’s key trade partners, according to the Russian company’s president, Sergey Ivanov.

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