"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 Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.