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Armenia Expects Decline in Diamond Cutting Industry

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  • Armenia Expects Decline in Diamond Cutting Industry

    ARMENIA EXPECTS DECLINE IN DIAMOND CUTTING INDUSTRY

    Tacy Ltd,Diamond Consultants.
    July 04, 2004

    Armenia expects production in its diamond cutting industry to decline
    before the end of 2004, says Gagik Mkrtchian, Chief of the Trade and
    Economic Development Ministry's precious stones and jewelry
    department.

    Production has fallen in the industry in the past month, partly due to
    a drop in supplies of Russian rough diamonds, explains Mkrtchian. In
    2002 Russia and Armenia signed a deal for the supply of over two
    million rough diamonds over a period of five years. According to the
    agreement, Russia supplies 400,000 carats of gem quality rough
    diamonds this year, increasing to 450,000 for 2005 and 2006. So far
    this year Russia has supplied Armenia with 55,000 carats of rough
    diamonds, says Mkrtchian, while last year total supplies were 130,000
    carats of a 400,000 carat quota, accounting for a 15 percent share of
    Armenia's total supplies.
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