KGK plans to employ up to 500 people at their new facility and to open a training centre for its staff to cut up to 9,000 carats of diamonds monthly.
The first work will begin in July this year with the factory completion slated for the end of 2019.
Meanwhile, the Russian government has granted Indian investors a certificate of residence for the newly-created Free Port of Vladivostok, which will give them tax and customs preferences, and lower costs for ships in the port. The measure will facilitate the diamond trade between the two countries.
The KGK group has branches in Moscow and the diamond region of Yakutia, and sees its new facility in Vladivostok as a gateway to the markets of Asia-Pacific region.
Indian companies were major auction buyers at ALROSA's latest auction of industrial grade and gem quality natural rough diamonds in the Eurasian Diamond Centre held in March.
In 2017, ALROSA is planning to sell 2 million carats of all types of diamonds worth USD 73 million through its Far East branch. Auctions of special size 10.8+ and industrial grade rough diamonds will be held in the next 3 months.
Theodor Lisovoy, Rough&Polished, Moscow