Goldiam International to enter Russian market

Diamond export firm Goldiam International is entering the Russian market through its subsidiary Diagold Designs.

According to a release issued by Goldiam to the BSE today, the company is in talks with a Russian retail business house for a proposed joint venture.
Diagold Designs will enter the Russian market with a distribution and retail business in diamond studded jewellery manufactured in the group's factories in India and China.

The business is expected to be operational by February, 2008 and to generate $10 million incremental sales in the FY2009.

Last week Goldiam International announced that it has been granted permission by the Development Commissioner, SEEPZ Special Economic Zone to establishment a Trading Unit in SEEPZ SEZ, Andheri (E), Mumbai, with an annual capacity of Rs 110.30 crore for undertaking trading activities.