Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Luzhkov Gem Deal




MOSCOW -- Moscow Mayor Yury Luzhkov and Nizhny Novgorod Governor Ivan Sklyarov on Friday signed an agreement to form a joint company called Almaznoye Podvorye for cutting and selling diamonds.


Luzhkov said a production and trade center would be set up in central Moscow, and it would be furnished with the latest computerized diamond-cutting equipment.


Sklyarov said the company. will cut up to 60,000 carats a year. Annual sales are expected to reach $60 million.