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Indian buyers seek ways to buy diamonds from Alrosa, media reported

Bloomberg: Indian buyers are looking for ways to buy diamonds from Alrosa under sanctions

Indian buyers seek ways to buy diamonds from Alrosa, media reported
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Indian buyers are looking for ways to purchase diamonds from Russia’s Alrosa following the imposition of sanctions on the company, citing people familiar with the situation.

“Indian traders have spent the past two weeks consulting with lawyers to determine the meaning of US sanctions on Alrosa and find a way to continue buying diamonds from the company… A delegation from Alrosa visited India earlier this week and met with buyers and traders groups to discuss facilitating the sale of diamonds,” the agency said in a statement.

It is noted that the meeting also discussed the issue in which currency the payment will be made, in rubles or rupees. The final decision has not yet been taken; it must be supported by the government of India, which was not involved in the negotiations.

Alrosa was included in the EU, US, and UK sanctions list in connection with the events in Ukraine. As the agency notes, supply disruptions have already affected the cost of smaller diamonds, which the company specializes in selling. In addition, because the country’s banks do not make payments, the stones stopped coming to Surat, the world’s largest center for diamond cutting.

AK Alrosa is the world’s largest producer of diamonds in carats, accounting for 27% of the world and 95% of Russian diamond production. Sales of rough and polished diamonds reached $4.169 billion last year.

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