India imported 163.11 million carats of rough diamonds worth $16.34 billion in 2013 and exported 36.46 million carats of polished diamonds valued at $20.23 billion.

The bulk of the supplies came from the Antwerp-based De Beers, which is said to control some 40 percent of global roughs trade.

The companies that will benefit from the latest deal are Rosy Blue, Diamond India, Hari Krishna Exports, Dimexon Diamonds, Jasani Group, Asian Star, Kiran Gems, KGK Diamonds, Shri Ramkrishna Exports, Venus Jewel, Karp Group, and Sheetal Group.

Andrey Polyakov, vice president of Alrosa, said: “Diamond business is sensitive. The main thing is to raise consumption in India and China.”

It is estimated that by the end of this decade India and China together will consume 40 percent of global diamond market and will become at par with the US, which is now leading the market.

The total amount of gems and jewellery exported from India in 2013-14 was worth $39 billion, of which $24 billion were diamonds.