ALSO READGlobal pizza brands battle for Russia's far-flung regions Russia doesn't rule out retaliation if U.S. bans Kaspersky products Russia media group that angered Kremlin is sold Russia's Novak says no plans for extraordinary meeting with OPEC Declare offshore wealth? Russia tycoons would rather ship themselves off shore
Diamond and gemstone miners KGK Group has announced the setting up of a diamond cutting and polishing factory in Vladivostok, Russia.
"KGK shall be investing 2.8 billion Russian rubles in this unit. The installed manufacturing capacity is 150,000 carats of diamonds per year," the Hong Kong headquartered KGK, which was founded in Jaipur in 1905, said in a release on Tuesday.
"This advancement is yet another manifestation of the natural progression of KGK's' global manufacturing operations already spread across India, South Africa, Russia, Botswana and Namibia," it said.
According to the statement, the facility was inaugurated by Russian President Vladimir Putin, who said that Russia has almost doubled the supply of unprocessed diamonds to Indian facilities.
KGK Vice Chairman Sanjay Kothari said in a statement: "Russia has been home for KGK since 13 years and we see enormous potential in far east region of the country. We are firm in making Russia a hub for diamond and jewellery business."
"We are impressed with the cooperation of government authorities and the fiscal incentives offered in Vladivostok, which has given us the confidence to set up a unit here," said KGK Managing Director Sandeep Kothari.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)