Indian Businessman Tries to Interest Putin in Billion-Dollar Diamond Deal

Text of report by Russian news agency ITAR-TASS

New Delhi, 25 January: India is offering to conclude a long-term contract to purchase uncut diamonds worth between 500m and 1bn dollars from Russia. The head of India’s biggest diamond company said this today during Russian President Vladimir Putin’s meeting with business circles.

“India’s diamond industry controls a 16bn-dollar segment of the diamond market,” he said. “About a million people work in India’s diamond cutting industry. We would like to conclude a long-term contract with Russia for the supply of uncut diamonds.”

[In a later report at 1359 gmt, ITAR-TASS gave Putin's response to this suggestion: "Russian President Vladimir Putin favours the expansion of trade in uncut diamonds between Russia and India. 'We have nothing against this. This is precisely why a document on this was signed,' the head of state said during his meeting with business circles, referring to his decree abolishing [export] quotas on uncut diamonds.”]

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