|Indian firm KGK Group of Companies is set to invest around US$50 million in setting up a new cutting facility near Vladivostok which will polish rough diamonds supplied from Alrosa, reports Rough & Polished.
Work on the factory is reportedly scheduled to begin in July this year, to be completed by the end of 2019. Once operational, the facility, which is planned to include a training center for staff, will employ up to 500 people and cut up to 9,000 carats of diamonds monthly.
The Russian government has granted Indian investors a certificate of residence for the newly-created Free Port of Vladivostok, reports the news source, which will give them tax and customs preferences, and lower costs for ships in the port. The KGK group has branches in Moscow and the diamond region of Yakutia, and reportedly sees its new facility in Vladivostok as a gateway to the markets of Asia-Pacific region.