ARMENIA’S POLISHED PRODUCTION AND SALES DOWN 20%

TACY Ltd. Israel
Feb 8 2005

February 08, 2005

Armenia polished diamond production fell by 20 percent US$245,751
million in 2004, says Gagik Mkrtchian, the Trade and Economic
Development Ministry’s official in charge of gemstones and jewelry.
Mkrtchian says sales fell 19.8 percent, and that the dollar’s
devaluation against the local dram was to blame for the drop in both
output and sales.

Last year, Armenia imported 875,748 carats of rough gem quality
diamonds worth US$189,052 million. This year, Mkrtchian expects
polished diamond output and sales to increase by about a third.