ARMENIA DIAMOND PRODUCTION -60.4% IN 1Q06
By Jeanette Goldman

Diamonds.net, NY
April 16 2006

(Rapaport…April 16, 2006) Armenia’s cut diamond production dropped
60.4 percent in the first quarter of 2006 to $38.8 million, according
to the Armenian Trade and Economic Development Ministry.

Sales of diamonds fell 66.7 percent to $41.9 million, and exports
dropped 63 percent to $39.5 million, reported Interfax on April 13.

The ministry blamed disruptions at Shogakn, Armenia’s largest
diamond cutting plant, for the drop in production. Shogakn produces
approximately 40 percent of Armenia’s cut diamonds. Armenia’s minister
of gemstones and jewelry, Gagik Mkrtchian, anticipates the plant
will resolve its ‘internal problems’ shortly and return to full
production. In 2005, Armenia produced $248.5 million in cut diamonds.