World Diamond Conference was held in New Delhi on 11 December 2014. Prime Minister Narendra Modi and President Vladimir Putin along with Minister for Mineral Resources of South Africa Susan Shabangu attended the inauguration of World Diamond Conference.
The conference was organized by Gem and Jewellery Export Promotion Council in association with Union Ministry of Commerce and Industry and in association with the World Diamond Mark Foundation (WDMF).
The aim of the conference is to increase the global market for diamonds. Major companies’ retailers and diamond cutting industries were participated the conference.
During the conference, ALROSA- the largest rough diamond supplying company of Russia signed agreements for direct sale of rough diamonds with 12 Indian companies.
Under these 12 agreements, 2.1 billion US dollars worth of rough diamonds will be supplied to India at the rate of 700 million US dollars per year over the next three years.
India is the world's largest centre for cutting and polishing diamond and its largest importer of uncut diamond. At present, India exports cut and polished diamond worth 20 billion US dollars.