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. 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.