New Delhi is considering signing a bilateral agreement with Russia to reduce import duties on processed diamonds and jewelry, the chairman of the country’s Gem & Jewelry Export Promotion Council (GJEPC), Sanjay Shah, said.
According to Shah, India sees the Russian market as a “very promising.”
“We import rough diamonds from Russia worth around $3.5 billion,” he said, adding that reduction in duties will increase bilateral trade by $2-3 billion. “If the duties are reduced or zeroed, trade between India and Russia will flourish,” the chairman said.
The two countries have been developing cooperation in the diamond industry in recent years, with Russia’s Alrosa and India’s GJEPC considering preferential tax treatment for diamond trading.
The world’s largest diamond cutting and polishing center in India is one of Alrosa’s key trade partners, according to the Russian company’s president, Sergey Ivanov.
Online shopping was booming in Russia last year, with trade volumes increasing by nearly 60 percent compared to 2019, according to a business group representing major online retailers operating in...
Investing in bitcoin has already yielded US electric car producer Tesla its first gains of around $1 billion. The figure leaves the company's profits from selling its electric vehicles (EV)...
The volume of trade between Russia and Germany declined by 22.2 percent in 2020, year-on-year, to €44.9 billion ($54.4 billion), according to data from the German Committee on Eastern European...
