Alrosa, Russia's largest diamond company has plans to foster closer ties with India, according to Art of Jewelry.

The website reported that a four-man delegation led by Yury Okoyomov, Vice President of Alrosa met with representatives of the Gems and Jewellery Export Promotion Council (GJEPC), to discuss ways of bolstering ties.

Seven Indian firms have long-term contracts with Alrosa, but India want to see the number rise to 30, in order to ensure continuous supply of roughs in to the Indian market.

Alrosa is known for favoring long-term contracts for the bulk of its rough supplies in order to maintain stability in the market.

The diamond giant said it will consider a GJEPC proposal that it adopt the practice of offering its clients previews of forthcoming sales in terms of sizes, quantity and pricing of lots, in order to allow the latter time to prepare for each sale.

“The Indian diamond industry is very happy with Alrosa’s extremely responsible actions which have helped maintain the stability of the world’s rough diamond markets. We look forward to closer cooperation with Alrosa in the future,” said Vasant Mehta, GJEPC chairman.