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    ALROSA's Diamond Center to Help Far East Diamond Trade With Asia-Pacific Nations

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    Russia's Eurasian Diamond Center (EDC) launched an investment project to create a diamond infrastructure cluster in the Russian Far East that will unite the companies of the industry and will focus on export-import operations with the countries of the Asia-Pacific region, the Ministry for the Development of the Russian Far East said Thursday.

    MOSCOW (Sputnik) — EDC is project of ARLOSA, a group of Russian diamond mining companies and the world leader in the diamond mining industry.

    "The Eurasian Diamond Center launched an investment project in the status of a resident of the Free Port of Vladivostok. The result of the project is the creation of an infrastructure cluster that will unite diamond industry companies and export-import operations with Asia-Pacific countries, primarily with China, India, Japan and South Korea," the ministry said in a statement.

    Private investments in the project amounted to 83.8 million rubles ($1.4 million). The EDC is located on the territory of the Terminal Expo in the city of Artem, Primorsky Territory. Its floor space is 2,000 square meters (21,530 square feet), and in the future can be increased to 8,000 square meters.

    "The work of the site is organized in such a way that the diamond-cutting or jewelry production can be placed here, and the participants in foreign economic transactions can receive a full range of freight forwarding services, as well as services for storage, certification, insurance and customs clearance of valuable goods," the ministry said.

    The project provides a full state control over the production, export and import of jewelry in the Far East, the ministry stressed.

    As of now, Gokhran, a specialized customs post, fifth-class storage facility, temporary storage warehouse, customs warehouse, specialized transport and ALROSA's unified sales company operate at the cluster. ALROSA also conducts diamond trades at the site. Additionally, certificates for gems are issued and export operations are processed for buyers.

    The EDC was established in 2016. Its possible turnover was then estimated at $1 billion a year.

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    trade, diamond, Far East, Russia
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