Japan Eyes Diamond Production Investment in U.S.

Tokyo, Jan. 29 (Jiji Press)--Japan is eyeing artificial diamond production as the first project under its 550-billion-dollar package of loans and investments that will be made in the United States, it was learned Thursday.

A power transmission and distribution project is also being considered. The Japanese government is weighing up possible investments by evaluating the profitability of each project so that Prime Minister Sanae Takaichi can make an announcement on the matter during a planned U.S. visit in spring.

Artificial diamonds are used for processing semiconductors and polishing vehicle parts and precision machinery.

Last year, China, a major producer, added artificial diamonds to the list of items under its export controls, leading Japan and the United States to secure a stable supply of the item important in terms of economic security.

According to materials released by Japan and the United States, the plan under consideration is for British diamond producer De Beers Group to build a plant in the United States in which Japanese parties will be involved. The project is estimated to cost some 500 million dollars.

[Copyright The Jiji Press, Ltd.]