PJSC Alrosa said June 1 that it signed an agreement with the Gem & Jewelry Export Promotion Council, or GJEPC, to foster bilateral cooperation between Russia and India in the diamond industry.

Under the agreement, the parties will support rough diamond trading at the special notified zone established by the Bharat Diamond Bourse that would lead to preferential tax treatment and expand Alrosa's activities inside the zone.

In addition, both Alrosa and GJEPC signified support for legislative measures to separate natural and synthetic diamond markets. The parties will extend their cooperation with the Diamond Producers Association and World Diamond Council.

"I believe that long-term partnership with ... [GJEPC] will be of great importance for the expansion of Alrosa's export opportunities in India and development of cooperation with local manufacturers," said Alrosa President Sergey Ivanov.