India to directly source rough diamonds from Russian firms

Indian gem and jewelry exporters are planning to source rough diamonds worth $50 million directly from mining companies in Russia as the supply from the Russian government body Gokarn has been unreliable, India’s business newspaper The Financial Express reports.

“We are sending a team to Russia by July end to establish direct links with mining companies there for sourcing of rough diamonds. The direct imports will be of at least $50 million,” said Gem and Jewellery Export Promotion Council (GJEPC) chairman Bakul Mehta said.

Mehta was speaking to the media to announce the gem and jewelry trade fair India International Jewelry Show 2005 between July 14-18.