The company is set to invest RUB 2.8 billion on this new unit.
Jaipur: Global manufacturers of diamonds, gemstones, and jewellery, The KGK Group, has announced setting up of a diamond cutting and polishing factory in Vladivostok, Russia.
The facility in Russia was inaugurated by Russian President Vladimir Putin. The company is set to invest US$50 million (approximately Rs 315 crore) on this new unit, incorporating diamond cutting and polishing infrastructure. It will engage about 500 employees, KGK said in a release.
The group has business interests and expertise also in infrastructure and real estate development. The company has manufacturing units in India, China, Hong Kong, South Africa, Botswana, Thailand, and Russia. It has offices in 19 countries.
The KGK Group, spread from mining to retail, was founded in Jaipur in 1905 has rapidly expanded into one of the most respected names in the jewellery business.
The manufacturing capacity of this unit will be 150,000 karats of diamonds per year while 9000 karats will be cut as well. Russia has been home for the company for 13 years and it intends to make it a hub for diamond and jewellery business. KGK Chairman Navratan Kothari and Vice Chairman Sanjay Kothari were present at the inauguration. KGK Group’s Russian companies ‘S D Diamonds LLC’ and ‘DDK LLC’ are already engaged in the field of cutting and polishing of rough diamonds in Russia since 2004 and Alrosa have been supplying natural rough diamonds to KGK since 2008.
In 1997, KGK was awarded Sightholder status by De Beers and became an authorized bulk purchaser of rough diamonds. It is in this year that KGK has setup and manages till date a single specialty state of the art cancer hospital in Jaipur, Bhagwan Mahaveer Cancer Hospital & Research Centre opens in Jaipur. In 2004 jewellery brand Entice by KGK Group launched in Hong Kong and later in India. It is now available in Bengaluru, Jaipur, Mumbai and New Delhi.