Russia plans gem reform to compete with India

Moscow

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 favourable terms to cutters including Kristall Production Corp, Russia's largest, according to Deputy Finance Minister Alexey Moiseev. The producer is mostly state owned.