Diamond Cutters signs BOI deal to invest over $ 10 m in modern manufacturing facility

Monday, 27 June 2022 02:15 - - {{hitsCtrl.values.hits}}

Diamond Cutters Ltd. is investing over $ 10 million to further expand its production via a state-of-the-art manufacturing facility in Panadura.

Diamond Cutters is an export oriented company and is the largest supplier of diamonds to the luxury watch industry in Switzerland. The company, which is a fully export oriented or-ganisation, has been contributing immensely towards the national economy of Sri Lanka by earning foreign exchange for the past 33 years, deploying a workforce of 1,300 in two man-ufacturing facilities in Sri Lanka.

A spokesman said to further extend its investment confidence in Sri Lanka, Diamond Cutters has taken initiatives to expand its production capacity in the near future by acquiring a new property based in Panadura. The new project will create and fulfil job opportunities for 1,500 youth in Sri Lanka.

On Friday, the company signed an agreement with the Board of Investments (BOI) to under-take the expansion within the next 18 months.

The signing was attended by Diamond Cutters Managing Director Sanjay Baid, Finance Di-rector Rajendra Samaranayaka and the Chief Information Officer Sureja Thabrew along with BOI Director General Renuka M. Weerakone and other officials.