Moscow, Nov 17: Russian President Vladimir Putin signed the federal law on amendments to Article 5 of the law on the State Secret, paving the way for exports of natural diamonds for cutting and polishing in India and subsequent re-export to russia. The law, which was adopted by both the houses of Russian Parliament, excludes from the list of state secrets, information about reserves, production, transfer and consumption of platinum, platinum group metals and natural diamonds.
The only exception is information about reserves of platinum, platinum group metals and natural diamonds in the Russian State Fund of precious metals and gems and the Central Bank.
''The lifting of limits on the information about these goods will make the market of platinum, platinum group metals and natural diamonds more transparent, predictable and attractive for foreign investors and will have no negative effect on national economic security,'' Interfax news agency said quoting experts.
Experts also pointed out that the new law would facilitate diamond trade between India and Russia, as per an agreement signed between the two nations during Putin’s visit to New Delhi in 2000.
During the recently-concluded visit of Prime Minister Atal Bihari Vajpayee, a business delegation from Ficci had met the Alrosa Russian Diamond Company to facilitate trade in diamonds.
Bureau Report