Alrosa Team Seeks Ways to Trade with India
April 26, 22
(IDEX Online) - A delegation from Alrosa reportedly visited Indian manufacturers last week to see if they could find a way round banking restrictions.
The miner, part-owned by the Russian government, was excluded from the SWIFT financial messaging service after the war in Ukraine began in February.
India, the world's biggest diamond polisher, relies heavily on Russian gems.
Alrosa discussed options for buyers to pay in roubles or rupees, according to a Bloomberg news report. It said no firm arrangements had been made, and any deal would have to be approved by the Indian government.
Alrosa was due to hold a rough tender this week. It is not thought it will be able to make any sales because banks won't process payments.
Alrosa declined to comment.
Pic courtesy Alrosa