The Gem & Jewellery Export Promotion Council (GJEPC) yesterday hosted a delegation from Russia at its Eastern Regional Office, Kolkata where the two sides discussed business opportunities that exist in Eastern & Arctic Russia.

The delegation from Russia comprised Mr. Alexey M. Idamkin, Consul General of Federation of Russia in Kolkata, Ms. Alexandra Chernova, Head, International Cooperation Division (Ministry for the Development of the Russian Far East) and Mr. Permino Alexander (Chief Representative in India) – VEB Bank.

GJEPC was represented by members of the Eastern Regional Committee, Mr. Pankaj Parekh, Mr. Ketan Doshi and Mr. Suvanker Sen, while Mr. Kaushik Ghosh from the Council secretariat was also present.

The Russian delegates elaborated on the opportunities that exist for investments in mining of diamonds and precious metals, both of which are available in abundance in the region. They explained that companies not interested in owning and operation mines could also start units for cutting and polishing rough diamonds. Two companies from India, KGK and M. Suresh have already opened factories there, they said. 

In reply, Mr. Parekh suggested that it would be more appropriate to discuss the opportunities in the diamond industry with the GJEPC’s Diamond Panel at the Head Office in Mumbai. He also suggested that the local gold miners in Eastern and Arctic Russia could consider sale of dore bars to India, saying that there was significant demand and the quantities required round the year would be sizeable. He further suggested that the Russian government or companies could consider appointing sight holders for purchase of dore bars (along the lines of the system that Alrosa follows for sale of rough diamonds). GJEPC could help them identify the top refiners who would be interested in developing such a long term relationship, he added.

The Russian delegates said that they would revert on this suggestion after due consultation.