Merchants curious about Russian team

SURAT, March 24: The visit to three Indian cities by a seven-member delegation of Russian officials, including representatives of the only mining company there, has evoked curiosity in the local diamond circles. The delegation visited Mumbai, Surat and Ahmedabad recently.

It was leakage of diamond rough from Russia that had destabilised the local market in 1995-96 which explains why the delegation8217;s visit has become a topic of discussion for the beleaguered industry. Russian rough coupled with cheap rough from Australia which had flooded the market, adding to the woes of the recession-hit industry.

Though the delegation has clarified that it has no intentions of directly marketing the rough to Indian buyers, industrialists are apprehensive, and wondering openly what if their promise was not kept.

The delegation visited as many as eight diamond units in the city and also the Indian Diamond Institute.

The mining company has an agreement with De Beers according to which 70 per cent of the rough is sold to it, while the rest is sold locally.