Classic Diamonds India Ltd has established a diamond cutting unit in Surat, Gujarat, this month that is expected to produce over 1.5 million stones per month.
This factory will help the company to achieve its target of $250 million within three years.
Surat factory would cater to domestic as well as the export market of Classic Diamond's customers in the US, France, Israel, Hong Kong, Italy, Turkey, Dubai and Belgium.
Company has revealed plans to venture into jewellery segment in the future.
A leading player in diamond industry, the firm expects an annual turnover of around $130 million in 2006.
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