BERD, OCTOBER 17, ARMENPRESS: The only state-owned diamond cutting plant Tagazard in the Armenian town of Berd was privatized by a local businessman. Gagik Mkrtchian, head of a jewelry and goldsmith department with the trade and economic development ministry said the plant was sold at 50 million Armenian Drams. Under the takeover contract the buyer has committed to invest into the plant some 300 million Drams within the next two years.
Gagik Mkrtchian said the average wages of the workers will be around $40 a month. The investor has also pledged to increase the workers number by another 100 people. He said the new owner’s intentions were serious as he paid the advance payment of 10 million Drams in due time.
Currently Tagazard employs 75 people and is cooperating with an Israel-based AGST company, processing around 1,000 carat of uncut diamonds monthly. This year the company was allocated 7,000 carat of uncut diamond from a batch of Russian supply.
AGST chief manager Khaim Baazov said Tagazard diamonds are sold in Belgium, USA and Japan. According to him, the quality of Tagazard cut diamonds meets the international standards.
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