M.Suresh Vladivostok to double diamond output in 2022

VLADIVOSTOK, Apr 7 (PRIME) -- M.Suresh Vladivostok, the Russian subsidiary of India’s M.Suresh, plans to double the output of polished diamonds on the year to 10,000 carats in 2022, CEO Rupesh Gautam told reporters on Thursday.

“We produce about 800–900 carats of polished diamonds per month. In fact, we buy around 2,500 carats of diamonds each month. Losses amount to about half, and there is also a part (that cannot be used). This is why if we have a result of 40%, it is good – we produced 2,500 carats, because we can make 800 carats of polished diamonds,” he said.

The company produced 5,000 carats in 2021. “We will ramp up the volumes. The production and employee figures will most likely double (in 2022). There is a lack of employees now, and we also lack Russian employees,” he said.

The company needs 200 people with only 60 working now, which means M.Suresh operates  only at 70% of capacity. Russians account for a small part of them, and they are usually employed as administrative personnel. M.Suresh Vladivostok is ready to teach new people and provide jobs to them, Gautam said.

The company launched production in late 2019 and exported two batches of polished diamonds before the pandemic. In 2021, the company posted a 369 million ruble net profit after a 79 million ruble net loss in 2020.

M.Suresh Vladivostok is a resident of the Free Port of Vladivostok.

(82.5962 rubles – U.S. $1)

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