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Armenian Goldsmith And Diamond Sector Report Slump

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  • Armenian Goldsmith And Diamond Sector Report Slump

    ARMENIAN GOLDSMITH AND DIAMOND SECTOR REPORT SLUMP

    Armenpress
    May 15 2006

    YEREVAN, MAY 15, ARMENPRESS: Armenian diamond and goldsmith companies
    have reported a drastic decline in output in the first four months
    of this year, saying overall they produced 27 percent less goods from
    a year ago.

    Gagik Mkrtchian, head of a trade and industry development ministry's
    department dealing with this sector, said in terms of money 12
    companies which the ministry monitors produced this year 28.4 billion
    Drams worth goods, against 38.7 billion drams from a year ago. He said
    75 percent of the output was manufactured by diamond cutting companies.

    Consequently sale and exports in the first fourth months of 2006
    reduced 24 percent from a year ago. The slump have also affected
    wages which fall to 44,000 ($100) on average, less than an average
    wage on national scale.

    Mkrtchian attributed the slump to crises in global markets saying
    higher prices of oil and gold coupled with depreciation of US Dollar's
    value have significantly cut demands for extravagant goods.

    He said, there were also domestic reason, such as lack of effective
    management, lack of financial resources and halt of Russian raw
    diamonds supplies.

    Now 80 percent of uncut diamonds are brought from Israel and Belgium.
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