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15 june 2020

Russian Far East is of interest to Indian diamond cutting companies - report

04 june 2020

Indian companies see the Russian Far East as a center for creating diamond-cutting enterprises, according to Interfax citing the Director General of the Agency for Investment Promotion and Export Support Leonid Petukhov.
According to him, the creation of new projects will depend on the diamond market, which has been hit by the Covid-19 pandemic.
“We will support and develop this area of ​​cooperation. I am confident that new projects will appear as soon as the situation stabilizes,” Petukhov was quoted as saying.
He added that the Far East is an attractive destination for Indian specialists.
Today in Vladivostok there are two polishing companies - KGK DV LLC, a subsidiary of the Indian diamond company KGK Group, and M.Suresh Vladivostok LLC, which is part of the M.Suresh group.
The report said that Laxmi Diamonds, Ankit Gems, Asian Star Ltd and other firms are also considering opening their own factories in the Far East.
In the region there are now two zones that operate in a preferential mode - the territory of priority development and the Free Port of Vladivostok. They were created at the order of Russian President Vladimir Putin to attract investment in the region and develop the economy.
The free port of Vladivostok is a special zone that enjoys special taxation regimes. 
The territory of priority development is an economic zone with preferential tax regime, simplified administrative procedures and other privileges.
In 2018, diamond exports from the Far East amounted to 35.2 million carats or $ 2.88 billion.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg