Synthesis Technology seated in the Moglino special economic zone of Russia’s Pskov Province and being one of the two diamond growing enterprises in the Russian Federation will double its production capacity in 2022. This will be achieved through a loan received from the Industrial Development Fund, the company’s media communications told TASS on Saturday.

“We signed a target loan agreement with the Russian Federation Industrial Development Fund under the Component Products program; our project is called “Expansion of production capacity for the synthesis of carbon monocrystals”. The loan amount is 189 million rubles. In this regard, in 2022 we will launch a second press line, expand production capacity, and discuss a large expansion of contracts,” said the company’s spokeswoman to TASS.

She noted that using the funds allocated by the Industrial Development Fund, the company will purchase presses for growing diamonds, which will double its production capacity in 2022. “With this money allocated from the federal budget, we will purchase a second production line to expand. Now there are six presses, and there will be six more, that is, the production will double," she said.

Telling about this project in an interview with Rough&Polished in early 2020, Ekaterina Nagovitsyna, the company’s Director General in particular said, “This is our large project to scale up our production. We received a positive decision and funding approval from the Expert Council of the RF Industry Development Fund for this project. Since the end of 2019, we have been residents of the Moglino special economic zone, and since January 10, 2020, we have been renting a 1,700 sq. m area located in the Moglino SEZ. This gives us a great advantage in terms of tax preferences and expansion of our export opportunities, as well as the development of cross-border cooperation. Our project includes several stages, and if we reach the figure of 7,000 carats per year by the end of 2020, we will plan to expand to 90,000 carats per year by 2023.”

This news is from Rough&Polished