New Delhi is contemplating signing a bilateral settlement with Russia to cut back import duties on processed diamonds and jewellery, the chairman of the nation’s Gem & Jewellery Export Promotion Council (GJEPC), Sanjay Shah, mentioned.
In keeping with Shah, India sees the Russian market as a “very promising.”
“We import tough diamonds from Russia price round $ Three.5 billion,” he mentioned, including that discount in duties will enhance bilateral commerce by $ 2-Three billion. “If the duties are lowered or zeroed, commerce between India and Russia will flourish,” the chairman mentioned.
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The 2 nations have been creating cooperation within the diamond business lately, with Russia’s Alrosa and India’s GJEPC contemplating preferential tax therapy for diamond buying and selling.
The world’s largest diamond reducing and sharpening heart in India is certainly one of Alrosa’s key commerce companions, based on the Russian firm’s president, Sergey Ivanov.
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