India’s Gem & Jewellery Export Promotion Council (GJEPC) and ALROSA have signed a Memorandum of Co-operation (MoC) on June 1 “in the presence of India’s Prime Minister, Hon’ble Shri Narendra Modi and Russia’s President Vladimir Putin”, according to Art of Jewellery.
According to the report, the MoC will have “a game changing impact on the international diamond industry” in different areas. The MoC outlines “GJEPC’s intention to strive to establish a special tax regime so that direct sales can be conducted out of the India Diamond Trading Centre (IDTC); and for ALROSA to explore the ways of establishing a representative office within the BDB, with the possibility of transitioning it to a sales office. The MoC also provides for a greater exchange of information on trade figures” as well as technology.
The MoC will also covers the issue of synthetic diamonds, including “exchange of information on cases of mixing; promoting the introduction of legislation for mandatory disclosure of synthetics; GJEPC encouraging the use of ALROSA’s detection devices; and ALROSA joining India’s Natural Diamond Monitoring Committee (NDMC)”.
