Russian diamond companies rebuked an Indian jewelry industry organization over comments made by an Indian government official to his Russian counterpart last week, promoting an agreement that would facilitate Russian diamond sales to India, according to a report in Rough & Polished.
The Association of Diamond Manufacturers of Russia (ADMR) sent an angry-worded letter to the Indian Gems and Jewelry Export Promotion Council (GJEPC) over comments made by Anand Sharma, India's Minister of Industry, to Russia's Minister of Economic Development, Elvita Nabiullina. India wants Gokhran, the body responsible for all rough diamond sales in the Russian Federation, to formalize a mechanism for diamond sales to India.
The ADMR letter, penned by Maxim Shkadov, the group's chairman and CEO of Kristall, Russia's largest diamond manufacturer, states that Russia's own diamond cutters are experiencing a shortfall in the availability of rough diamonds. Under these circumstances, Shkadov suggested, it is unfair for India to demand in increase in the supply in diamonds, which would come at the expense of Russia's local diamond cutting industry.