Russia's Putin Opens KGK Polishing Plant in Vladivostok

President Vladimir Putin opened India's KGK Group's modern diamond cutting and polishing factory in Vladivostok.

The 1,555 sq. meter plant has a manufacturing capacity of 150,000 carats per year.

It incorporates high-tech diamond cutting and polishing equipment and will employ 400 staff. KGK said that the plant cost around $50 million.

“We discussed just a year ago this co-operation with [Indian PM] Narendra Modi," Putin said in his speech. "And it is upon his initiative that our co-operation in this area is developing dynamically, thanks to his decision to develop co-operation in diamond sector. We have almost doubled the supplies of diamond raw materials to Indian facilities. ALROSA is ready to broaden co-operation and deepen it even further, and we will of course welcome all efforts taken by you in Russia. We will always support such initiatives," he added.

“Russia has been home for KGK for 13 years and being a corporate citizen of the region we understand its culture and people," said Sanjay Kothari, Vice Chairman of KGK. "At KGK we see enormous potential in Far East region of Russia and we are firm to make it an outstanding hub for the diamond and jewelry business. We are already in discussion with our clients from Asia Pacific who have shown interest in this region.”

KGK Managing Director Sandeep Kothari said: “We are impressed with the cooperation of the government authorities and the fiscal incentives offered in Vladivostok. This has given us the confidence to augment our portfolio of diamond factories by setting up a unit here. We share the same vision as that of the leaders of the nation of promoting investments, creating value addition and job creation in the region where we operate and I am glad that we have been given the opportunity to contribute to the drive.”