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Russia Has a Gem of an Idea to Take on India

  • Government wants more cooperation between Alrosa and cutters
  • Russia is also working on program to define origin of diamonds
A natural diamond is scanned by a laser machine before being cut.
Photographer: Andrey Rudakov/Bloomberg
Updated on

Russia wants its biggest diamond miner to work more closely with the country’s top gem cutters so the industry can better compete in a market that’s dominated by Indian manufacturers.

As part of a plan to boost the competitiveness of Russian diamonds, the government wants Alrosa PJSC to offer more favorable terms to cutters including Kristall Production Corp., Russia’s largest, according to Deputy Finance Minister Alexey Moiseev. The producer, which digs more gems out of the ground than any other firm, is mostly state owned.