Diamond Production in Armenia Drops

RusData Dialine - BizEkon News
August 10, 2004 Tuesday
Diamond Production in Armenia Drops
Diamond production in Armenia over the first six months of
2004dropped by 17% and totaled USD 120.3 million, Armenian Trade
andEconomic Development Minister Karen Chshmarityan said at a
newsconference.
BODY:
Diamond production in Armenia over the first six months of 2004
dropped by 17% and totaled USD 120.3 million, Armenian Trade and
Economic Development Minister Karen Chshmarityan said at a news
conference.
Despite the drop in production in financial terms, nevertheless,
physical volume of diamond processing (in carats) has gone up, he
said. The minister explained this by the state of the world's market,
where small stones were in demand in the first half of the year.
Accordingly, by increasing jobs, the country's diamond processing
companies processed more stones in carats but for less cost, the
minister said.
He said that within the framework of intergovernmental agreements,
this year 70,000 carats of unprocessed diamonds out of the overall
quota of 400,000 carats for 2004 were imported from Russia.
To boost Russian diamond imports, Armenia suggested that Russia lifts
restrictions on re-export of diamonds, which are in place under an
intergovernmental agreement. Armenia proposed that 15% of re-export
be permitted, and the minister hopes that the issue will be resolved.