Kristall To Cut Polished Production Due To Falling Demand

Finance and Trade
20/09/2015 09:03

Kristall Production Corp, Russia's largest diamond manufacturer, aims to reduce its polished output by more than 12.4 percent this year to 106,000 carats valued at $200 million. The firm produced 121,000 carats of diamonds worth $315 million last year, according to company director Maxim Shkadov cited by RIA Novosti.

"The market is in a tailspin, and it is difficult to predict what will be the way out of it, but I don't think the bright prospects will emerge before the end of the year," Shkadov was quoted as saying by RAI Novosti. "The main thing is that we keeping our team intact, there will be no layoffs. We understand that changes constantly occur, and training of employees is very difficult, so we do not scatter our staff," Shkadov added.