Sberbank hopes to begin funding direct gold shipments from Russia to India, he said in an interview with The Free Press Journal managing director of the Indian subsidiary of the Russian bank Alexei Kechko.
"We believe that the year we could easily import (from Russia) in India gold worth $ 1.5 billion, as India is a major importer of gold. Russia is a major producer of gold (it has one of the largest gold resources in the world) . India imports gold from other countries, which, in turn, receive it from other mines, thereby increasing costs due to compliance and margin ", - he added.
Kechko also said that direct gold trade between India and Russia will be very beneficial to both countries. "We hope to sign the deal by September or October this year, we are also exploring the possibility of entering into the gold loan sector." - he continues.
Kechko also said that Sberin, "daughter" Savings Bank in India, would like to fund more of the Indo-Russian joint projects. "We would like to become the main bank for doing business between India and the Russian Sberbank is financing the project for the extraction of coal in the amount of $ 600 million, which Tata Power is in the eastern part of Russia." - Kechko said.
Russian bank has received Indian license in 2010 and issued loans in the country since 2013. Unproductive assets of the bank jumped to 30% by 2016, so the emphasis has shifted to the financing of the Indo-Russian projects.
India is the second largest importer of gold in the world. The country imported gold worth $ 35 billion in 2015. However, precious metals imports to India fell in 2016.
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According to the company DiamondCorp, it can withstand a timetable for withdrawal at full capacity by July Upper K4 unit on Diamond Mine Lace (Lace) in South Africa, which continues the planned increase in production to 30 000 tonnes of ore per month.
Now the company is developing an underground mine. In DiamondCorp stated that the diamonds produced in the primary processing of ore, in line with expectations in color and quality. They include three stones larger than 10 carats, the largest of which weighs 22.11 carats and is the color of H.
The diamond was sold to a company established under the program of the South African beneficiation joint venture for $ 5,000 per carat, in order to obtain after treatment with 8-carat diamond cut "emerald", the report said.
At the request of a mining company in the first trading produced 7449 carats.
"We will continue to collect the parcel of diamonds as long as the company's management decides that the rocks prices will not suffer because of small lot sizes, - noted in the company -. At the same time, management continuously monitors the mood of the diamond market, which earlier this year, appears to have improved somewhat compared to the end of 2015. "
At the same time, in DiamondCorp noted that demand for some product categories, and prices have gone up because of the shortage of supply of diamonds, especially small size.
However, such conditions are likely to persist for a long time will not, because the company will be a flexible approach to time and the volume of their sales.
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