St. Petersburg firm to invest 600 mln rubles in synthetic diamond production
Sintez Technology LLC plans to open a facility in the Moglino Special Economic Zone to manufacture synthetic diamonds and single-crystal wafers, an Interfax correspondent reported from a meeting of the Moglino SEZ expert council on Wednesday.
Sintez Technology plans to invest 607 million rubles in the project, the St. Petersburg-based company's CEO, Yekaterina Nagovitsyna said. It intends to spend 456 million rubles on equipment and a portion of the money on preparing the facility.
The company will produce single-crystal wafers and synthetic diamonds in ratio of 70% to 30%, Nagovitsyna said. "We will reach full capacity in 2021," she said.
The company expects net profit to exceed 900 million rubles, according to the business plan. Equipment will be installed, set up and commissioned at the 2,500-square-meter facility in 2020, and production is scheduled to start in the third quarter of 2020.
Sintez Technology currently produces lab-grown diamonds in St. Petersburg. The company is 50% owned by Dominanta-Technology LLC and 50% by a private individual, the SPARK-Interfax system shows.