The Petrodvorets Watch Factory is one of the oldest factories in Russia. Founded by Peter the Great in 1721 as the Peterhof Lapidary Works, to make hardstone carvings, since 1945 the factory manufactures the Soviet Pobeda watches and since 1961 it has manufactured the Soviet Raketa watches. In almost 300 years of history, the factory has changed name several times. Petrodvorets is located in Saint Petersburg.