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Alrosa Sales tumbles in October by 28% YoY Alrosa, the world’s largest diamond miner, announces diamond sales results for October and ten months of 2018. In October, Alrosa Group sold $242.8 million worth of rough and polished diamonds (-28% YoY). Rough diamond sales by value amounted to $233.9 million, polished diamond sales – $8.9 million.   Alrosa’s total diamond sales in January-October 2018 grew 6% YoY and amounted to $3.9 billion. During the ten months of 2018, rough diamonds were sold for $3.8 billion, polished diamonds – for $83.0 million. “In October, demand for small-size inexpensive rough diamonds continued to remain weak. Seasonal slowdown on the threshold of Diwali, the main Indian holiday, was exacerbated by weakening Rupee/USD FX rate, a number of minor bankruptcies in India and tighter credit conditions for the cutting and polishing sector in this country, says Alrosa Deputy CEO Yury Okoemov. “We expect the situation to stabilize t...

Set a target of USD 30 billion bilateral trade by 2025 Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, announced the setting up of a fast track, single-window mechanism for Russian companies to be helmed by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry. The Minister was addressing the India – Russia Business Summit organized by DIPP, Invest India and Confederation of Indian Industry (CII) in New Delhi. The Minister stated that this mechanism would be in addition to the Russia Desk that had been set up earlier to promote Russian investment in India. Suresh Prabhu informed that work on the International North-South Transport Corridor was underway and signing of a Free Trade Agreement (FTA) with Eurasian Economic Union (EaEU), soon, will create a huge market which will benefit all the countries of the region and also promote inter-regional partnerships between the states of India and the...