Rough diamonds to reach India directly from Russia

New Delhi, Jan 28 (UNI) India can now get direct supply of rough diamonds worth one billion dollars from Alrosa, Russia's central mining and exporting authority.

Russian President Vladimir Putin said his government has passed legislation earlier this month to enable such direct supplies.

India has long been pressing the need for such an arrangement, pointing out that direct supplies of rough diamonds would ensure a regular supply and lower costs.

''Presently, India imports diamonds of 500 million dollars, and after the passage of the new legislation the figure will double,'' Diamond India Chairman Praveen Shankar Pandya said here.

Russia exports rough diamonds worth 2.5 billion dollars, out of which 800 million dollars are processed locally. The remaining 1.7 billion dollars are exported globally, in which India's share is 500 million dollars.

Earlier, the rough diamonds used to reach India indirectly through Belgium and Israel.

UNI