ArmenPress
Oct 21 2004

NO DECLINE REPORTED IN JEWELRY AND GOLD-SMITH INDUSTRY

YEREVAN, OCTOBER 21, ARMENPRESS : Since the end of the last year
up to today, 7-8 gold companies have been founded in Armenia on
foreign capital, predominantly American, each employing 25-30 people,
Armenian trade and economic development ministry goldsmith department
head Gagik Mkrtchian told Armenpress.
In his words, the branch is not capital-intensive in terms of
investment with the major challenge to ensure floating assets for
procurement of raw gold.
“We need to promote opportunities in jewelry industry. Most of our
compatriots in US do not know that it is possible to start a
profitable business in Armenia. They believe that there are
subjective obstacles here. Meanwhile, I know hundreds of cases when
coming to Armenia they change their opinion and start their own
business here,” Mkrtchian noted.
The industry has given output worth of 86 bln 812,2 mln which
makes up 75% of the production in 2003.