YEREVAN, NOVEMBER 25, ARMENPRESS: Harshad Media, the chief executive manager of an Indian Rose Blue company has pledged $5 million in fresh investments in Armenia’s diamond cutting sector before the end of the year. Speaking to a news conference today in Yerevan together with India’s ambassador to Armenia, Deepak Vohra, he said the investments will help create around 1,000 jobs. Harshad Media said another $5 million would be invested next year.
The Indian businessman said his decision to invest in Armenia came after his meeting with Armenian president in Delhi, when he was visiting India. “My decision to start a business in Armenia is supported by the fact that jewelry and diamond processing are considered a very attractive field for investment in Armenia based on the existence of skillful diamond cutters with competitive wage rates, modern equipment and tax privileges (no taxes on the import of raw materials and on the export of finished products) in Armenia.
In Armenia, the cutting of one-carat raw diamonds costs $25-30, while in the US it is $100 and $60-80 in Belgium or Israel. The Ministry of Industry and Trade forecasts that output of cut diamond will grow to $500 million in Armenia by 2006.
Mr. Harshad Media said that premises for a new plant are being searched across Armenia. He said his company expects a $15 million turnover in Armenia.
According to Ambassador Vohra, this investment is one of successes of president Kocharian’s visit, as he managed to present the business potentialities of his countries. Rose Blue has been cooperating with two Armenian diamond cutting companies, Lori and DimonTech in which it has invested $15 million.
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