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India's KGK Diamonds to open its plant in Armenia in September

15.08.23 12:49

One of the world's largest diamond processing companies, India's KGK Diamonds Private Limited, has launched a diamond-cutting plant in Abovyan, a town 20 km north of the Armenian capital Yerevan.

Armenian Deputy Minister of Economy Narek Teryan said the technical opening of the plant has already taken place and the official opening is scheduled for September.

He said the plant will employ about 400 workers, of whom about half will be from India and the rest will be locals.

He said possibilities of organizing joint training and retraining for specialists are being discussed as well.

"It means that in general we can return to the previous historical indicators. I would like to note that Armenia was one of the leading countries in the world in terms of diamond processing," Teryan noted.

KGK Diamonds Private limited accounts for 8% of the global polished diamond market. Founded in 1905 and headquartered in Hong Kong, the company operates in Asia, North and South Americas, Europe and Africa. The scope of businesses ranges from mining diamonds to gem and jewelry retailing, ARKA reports.