ARMENIAN CUT DIAMOND OUTPUT PLUMMETS 60% IN Q1

Interfax News Agency
Russia & CIS Business and Financial Newswire
April 13, 2006 Thursday 1:55 PM MSK

Armenia reduced cut diamond production 60.4% year-on-year in the
first quarter of 2006 to 17.471 billion dram ($38.8 million), Gagik
Mkrtchian, the Armenian Trade and Economic Development Ministry’s
official in charge of gemstones and jewelry, told Interfax.

Mkrtchian said sales fell 66.7% to 18.895 billion dram ($41.9 million)
and that exports were down 63% to 17.795 billion dram ($39.5 million).

Mkrtchian said disruptions at Shogakn, Armenia’s biggest diamond
cutting plant, were to blame for the drop. Shogakn, which produces 40%
of Armenia’s cut diamonds, will resolve what he described as internal
organizational problems soon.

Armenia produced 113.583 billion dram ($248.5 million) in cut diamond
sin 2005.

From: Emil Lazarian | Ararat NewsPress