In a bid to create alternative import sources of rough diamonds for the Indian cutting and polishing industry, Russia’s state-led Alrosa mining group has entered into direct selling agreements with 12 diamond firms for supplies worth $2.1 billion over three years.

Some of the top Indian exporters of cut and polished diamonds will benefit from the deal that is expected to create an alternative source of roughs for India, which is the world’s largest hub for this industry, accounting for nearly 80 percent of volume, officials said.

Russia is the top producer of roughs and Alrosa controls around 27 percent of global trade.

The agreements were signed coinciding with Russian President Vladimir Putin’s visit here for the 15th India-Russia Annual Summit, during which he and Prime Minister Narendra Modi also attended the World Diamond Conference.