The creation of diamond cutting clusters in Yakutia and the Smolensk region will affect the domestic diamond market in Russia

Brief retelling from RIA II

The creation of diamond cutting clusters will affect the volume of the diamond market in Russia.

The clusters will work to saturate the country’s domestic market with natural diamonds.

The President of Russia decided to create a diamond cutting cluster in Yakutia and the Smolensk region; the provisions of the decree come into force on March 1, 2027.

VLADIVOSTOK, September 5 - RIA Novosti. The creation of diamond cutting clusters will affect the volume of the diamond market in Russia, since they should work to saturate them with natural stones, the head of Yakutia, Aisen Nikolaev, said in an interview with RIA Novosti at the Eastern Economic Forum (EEF).

“(The volume - ed.) of the diamond market inside Russia (clusters - ed.) will be affected, this is indisputable. We plan that this particular cluster should primarily work to saturate the domestic market of our country with natural diamonds. There are raw materials that are not particularly in demand abroad, but at the same time they are in demand within Russia," said Aisen Nikolaev.

In August, Russian President Vladimir Putin decided to create a diamond cutting cluster in Yakutia and the Smolensk region. The provisions of the decree come into force on March 1, 2027.