President Putin signs decree to lift restrictions on diamond expor

Moscow, Jan 13 (UNI) Ahead of his state visit to India later this month, Russian President Vladimir Putin has signed a decree removing restrictions of the export of country's diamonds and precious metals.

The decree amends the government regulations regarding the import and export of metals and gemstones. It also lifts restrictions on taking natural diamonds and precious metals out of Russia under the export customs regime, Interfax news agency reported today.

It is expected to boost cooperation between Russia and India in the field of rough diamond cutting and polishing under the Protocol, which was signed during Putin's visit to New Delhi in October 2000, between the Minerals and Metals Trading Corporation (MMTC) and the Russian state precious metals and gems reserve Gokhran.

Under the agreement, the Russian diamonds were to be taken to India and returned to Russia after cutting and polishing. However, the Indian side reportedly faced some difficulties in the process, which hindered the cooperation in this field.

Last February, after the signing of WTO protocol by the two countries, on the Russian accession to the body, during the visit of Russian Economic Development and Trade Minister German Gref, Commerce Minister Kamal Nath called for a deal between the MMTC and Russian diamond monopoly Alrosa to import rough diamonds from Russia at a lower price.

The Indian government said it had asked Russia to make a decision to include the MMTC on the list of permanent bidders at auctions and tenders held by Alrosa.

President Putin's decree stipulates that the exports of natural diamonds from Russia (except unique natural diamonds and natural diamonds classified as bort and drilling, regardless of their size and the level of processing, diamond powder sized up to -3+2), refined platinum and platinum group metals in the form of ingots, plates, dust, and granules, native nuggets of precious metals, rough precious metals, ores and concentrates of precious metals, raw materials containing precious metals, and scrap and waste precious metals can be exported without quantitative restrictions based on licenses issued by the Economic Development and Trade Ministry.

UNI