Alrosa plans rough diamond trading in India, seeks reduction in 40% tax – by Dilip Kumar Jha (Business Standard – April 19, 2018)

Alrosa sells around 16 per cent of its annual rough diamond output directly to India through its 15 long-term and 140 spot and auctions clients

Russian diamond-mining major Alrosa will start rough diamond trading in India once the government brings the tax on it down to 0.56 per cent from 40 per cent now — to match the rates in other major trading hubs of the world.

The 40 per cent rate is applicable in special notified zones (SNZ), including the Bharat Diamond Bourse (BDB), where Alrosa opened its first office in India on Thursday.

Alrosa is planning to service its Indian customers by contacting them daily. Apart from that, the India representative will help in market research and data analytics in various markets by giving information on trends in the demand for precious stones here.

“We are looking to start trading in rough diamond in India. But, the tax makes the business impractical. We believe the two sides are in dialogue at the highest level to bring it down.

Meanwhile, we have invited Indian talent in the diamond-processing sector to exploit opportunities in Russia,” said Evgeny Agureev, director, United Selling Organization, the rough selling division of Alrosa.

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