Surat traders seal deal with Russian diamond firm

In a bid to end the shortage of rough diamonds for the diamond industry in Surat,representatives of Surat Rough Diamond Sourcing India Limited have met the officials of Russia-based Alrosa,one of the worlds biggest companies dealing in rough diamonds.

In a bid to end the shortage of rough diamonds for the diamond industry in Surat,representatives of Surat Rough Diamond Sourcing India Limited (SRDSIL) have met the officials of Russia-based Alrosa,one of the worlds biggest companies dealing in rough diamonds.

SRDSIL was formed by the diamond traders of Surat to source rough diamonds directly from the mine-owning companies after its supply was hit by the stringent rules of Kimberly Process,an international certification regime that bans trade in blood diamonds mined in some strife-torn African nations to finance war against rival factions.

A three-member delegation of SRDSIL comprising chairman Ashit Mehta,Kishor Virani and Akshay Dolakia met officials of Alrosa on Thursday and discussed the price,quality and quantity of diamonds and terms and conditions of payments.

Sources in SRDSIL said the deal has been finalised.

Agam Sanghvi,a member of SRDSIL,said,Rough diamonds from Alrosa company are not something new for Surat. Many diamond merchants have been sourcing these through different channels and polishing these here.

Now,the deal will enable us to source rough diamonds directly from Alrosa and do away with intermediaries. This will bring down the cost for us, Sanghvi added.

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