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12:15 | Jul 31 | 2014

Diamond Production to be up by 5% in 2014

 Unfavorable volume variance of production in the diamond cutting industry in Yakutia is not expected, said Head of the Republican Ministry of Industry Andrey Panov July 29.

“According to forward estimates, this year the Republic is to produce diamonds  to the value of $151 million, which is 5% higher than in 2013, the implementation of the annual plan will be 101%”, - said the Minister.

According to him, in the first half of 2014 production activities were carried out by ten diamond cutting factories and one individual entrepreneur. From January to June, diamond production amounted to $75453,41 which is up by 103.4% from the same period of last year. “The production plan was fulfilled 103.8%. Virtually all enterprises increased production”, - noted Andrey Panov.

As for the jewelry production, in the first half of 2014 industrial activity in this area was carried out by 9 companies and 22 individual entrepreneurs, the Minister said.

“In lapidary production of Yakutia there is no decline, but in the jewelry industry statistically, indeed, there is a slight decline”, - said Panov. The main reason that caused the reduction of the jewelry making dynamics is the reduction of production volumes of finished products by LLC "EPL Yuvelir".” This is due, inter alia, to the change of the legal address of the group of companies "EPL Diamond" to Moscow. Now on the territory of the Republic they produce semi finished products that at cost is much lower than of finished ones, and in Moscow they make jewelry, including mounting jewels. But it should be noted that the bulk of the finished product is made on the manufacturing site of the EPL Diamond in Yakutia”, - said the Minister.

At present the Diamond Factory and Jewelry Industry Development Program is being implemented in Yakutia. “The program is to solve problems associated with professional training for the Diamond Factory, options to support businesses operating in the diamond cutting industry and attraction of investors in this sector”, - said the Minister of Industry.