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Ministry of Industry: There is no crisis in Yakutia’s diamond cutting industry

31 july 2014
There will be no production decline in the diamond cutting industry in Yakutia, Andrey Panov, Head of the Republic’s Ministry of Industry, told the YSIA news agency on Tuesday.
“According to preliminary estimates, Yakutia will produce $151 million worth of diamonds, which is 5% higher than in 2013, while the annual target will be met by 101%," the minister said.
According to Andrey Panov, production activities in the first half of 2014 were carried out by ten diamond cutting factories and one individual entrepreneur. From January to June, diamond production reached $75,453,410, up 103.4% over the same period last year. “The production plan was fulfilled by 103.8%. Practically all enterprises increased their output,” Andrey Panov said.
As for jewelry production, there were 9 companies and 22 individual entrepreneurs engaged in these activities in the first half of 2014, the Minister said.
“There is no decline in the diamond cutting industry in Yakutia, but there is indeed a small decline in the jewelry industry reflected in statistics," the minister noted. The main reason behind lower dynamics in jewelry making is the decreased production of finished goods by EPL Diamond. “This is due, inter alia, to the change of the legal address of the EPL Diamond group of companies for Moscow. Now they will manufacture semi-finished goods on the territory of the republic, which cost much lower than finished goods, and the group will now complete its jewelry manufacturing in Moscow, including gem-setting operations. However, it should be noted that the major part of finished products is manufactured by EPL Diamond in Yakutia,” the head of the Ministry of Industry said.
Currently, Yakutia is working on a program to develop its diamond and jewelry industries. “The program will include mechanisms to address the problems associated with the preparation of qualified personnel for the diamond industry, as well as options to support diamond cutting businesses and attract investors to this sector," the Minister of Industry explained.