A delegation from Russia's Yakutia province made an intriguing offer to Surat's diamond industry during a meeting with the Gems and Jewellery Export Promotion Council (GJEPC). They proposed providing space in their free trade zone and simplifying visa procedures. The delegation invited Surat's diamond and jewelry manufacturers to invest in factories that would offer a direct supply of high-quality rough diamonds. This visit comes a year after US sanctions on Alrosa, a Russian mining company that supplied 30% of Surat's diamonds.
The delegation also extended an invitation for GJEPC and Jewellers Association members to visit Yakutia and explore the infrastructure of their special economic zone. They emphasized the tax benefits and expressed their intention to participate in the upcoming Vibrant Gujarat Summit. Kim A Borisov, Deputy Chairman of the government of Sakha Republic, highlighted Yakutia's reputation for diamond mining, with over 90% of Russian diamonds originating from there. Borisov encouraged joint ventures between Indian companies and SAYBM Diamond jewelry company in Yakutia, enabling direct access to Alrosa's rough diamonds. This visit reflects the long-standing relations between the Indian and Russian governments and presents an exciting opportunity for collaboration in the diamond industry.
