00:55 GMT +317 August 2018
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    Israeli Tech to Accelerate Indo-Russia Diamond Partnership

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    An Israeli company may be poised to infuse much-needed trust in Indo-Russia diamond trade by ensuring a standard way of grading polished diamonds. Diamonds will play a role on boosting Indo-Russian trade

    New Delhi (Sputnik): An Israeli technology, currently being tested out, may impart a momentum to their cooperation in diamonds that was personally chaperoned by Russian President Valdimir Putin and Indian Prime Minister Narendra Modi.

    India is testing an Israeli machine that can revolutionize the way polished diamonds are graded. The company is keen on the Indian market because bulk of the Israel’s traditional diamond-polishing business has moved here.

    “The technology will revolutionize the way the diamond industry and consumers perceive clarity grading and transform the polished sourcing and sorting process,” Uzi Levami, the company’s chief executive officer told News Agency PTI.

    The technology is likely to be marketed in mid-2017 by Sarine Technologies from Israel, which has one office located in Surat, emerging as the world’s major diamond polishing hub and another in India’s financial capital Mumbai.

    In another development, India has been elected Vice Chair for 2018 and Chair for 2019 of the Kimberley Process Certification Scheme, a process created in 2003 to prevent “conflict diamonds” from entering the mainstream rough diamond market.

    India is the world’s largest diamond importer while Russia is the largest exporter, according to the recently published annual report of Kimberley Process.

    The trade in diamonds will play an important role in increasing India- Russia trade to the targeted $30 billion in bilateral trade by 2025. As of now, Russian gemstones come to India through intermediaries, and not directly.

    There have been some bilateral efforts to step up trade. Alrosa, the Russian diamond company, has reportedly increased its share of direct deliveries to India. Alrosa posted a profit, boosted by a 91 percent rise in revenue to Belgium and an 81 percent increase to India.

    India has created a special customs zone in the Mumbai Diamond Bourse to promote diamond imports from Russia.

    Related:

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    diamond, Israel, India, Russia
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