Alrosa President Andrey Zharkov. Photo credit: WFDB and IDMA
KGK Diamonds and Russian miner Alrosa recently signed an “Agreement of Intent” on the establishment of a diamond-cutting and polishing unit in Vladivostok, a port city in Russia’s Far Eastern region.
The agreement was signed during the second Eastern Economic Forum in Vladivostok in early September. The goal was to create a diamond manufacturing facility at the Eurasian Diamond Centre.
Andrey Zharkov represented Alrosa and Ramani Vithalbhai Vallabhbhai represented KGK Group at the signing ceremony.
KGK Group’s Russian companies – S D Diamonds LLC and DDK LLC – are already engaged in diamond cutting and polishing operations in Russia since 2004. Alrosa has been supplying natural rough diamonds to KGK since 2008.
Considering their long-standing association, the two said they were keen on establishing KGK’s diamond-cutting and polishing factory at the Eurasian Diamond Centre. KGK will soon undertake the commitment to establish the new factory in addition to its existing setups in Russia. Alrosa pledged to provide KGK with greatest possible support.
The new manufacturing facility is planned to be developed approximately by July 2017. Initially, the factory will employ about 150 workers, which is anticipated to grow to about 500 workers in subsequent years. The projected manufacturing capacity of at least 15,000 carats of natural diamonds per year is anticipated to be achieved within four years following its launch.
Ramani Vithalbhai Vallabhbhai, general director of S D Diamonds LLC, expressed his gratitude to the government of the Russian Federation and the regional administration for their support.
Established in 1905 by the Kothari family of Jaipur, the KGK Group is a global corporation with fully integrated operations in the gemstone and jewellery industry, and has a presence in 17 countries. A pioneer in the world of precious gemstones, KGK Group has been sourcing, manufacturing and distributing diamonds, coloured stones and jewellery for decades. Being a De Beers Sightholder, an Alrosa Alliance member and a Rio Tinto Select Diamantaire, KGK said it ensures nothing but the finest diamonds at the most reasonable prices.