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ARMENIAN DIAMOND-CUTTING COMPANIES REPORT DECLINE

YEREVAN, NOVEMBER 28, ARMENPRESS: A senior official of the Armenian trade and development ministry who is in charge of diamond cutting and jewelry businesses, said last week the sector suffered a tangible setback in January -September of 2006 with a 20 percent output decline and nearly 18 percent decline in sale volumes.
Gagik Mkrtchian, head of the department, said almost eight percent of workers (300 people) were laid off. He said 42 percent of rough diamonds were brought from Belgium, 54. 6 percent from Israel and the rest from other countries. Mr. Mkrtchian attributed the decline to decreased demand fro diamond and gold items at the world markets saying consumers are buying more essential goods. Another reason, he said, that should be blamed for the decline is the continued appreciation of the Armenian dram against major hard currencies, which makes exports an unprofitable business, as it increases the primary cost of goods.
He said lack of competent managers in Armenian diamond-cutting and gold factories was yet another reason accounting for the decline. Mkrtchian said Armenian prime minister Margarian is leaving soon for Moscow where he will negotiate with Russians ways to establish cooperation between diamond cutting companies of the two countries.
As good news Mr. Mkrtchian reported a five percent growth in the mining industry, which he said was due to fresh investments in the sector. He said a 20 percent increase is expected in 2008 when Armenian is supposed to produce 4 percent of all molybdenum in the world. Armenia now produces about 4,000 tons of molybdenum annually, which make 2 percent of the world production.

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