ARMENIAN GOLDSMITH AND DIAMOND SECTOR REPORT SLUMP
Armenpress
May 15 2006
YEREVAN, MAY 15, ARMENPRESS: Armenian diamond and goldsmith companies
have reported a drastic decline in output in the first four months
of this year, saying overall they produced 27 percent less goods from
a year ago.
Gagik Mkrtchian, head of a trade and industry development ministry’s
department dealing with this sector, said in terms of money 12
companies which the ministry monitors produced this year 28.4 billion
Drams worth goods, against 38.7 billion drams from a year ago. He said
75 percent of the output was manufactured by diamond cutting companies.
Consequently sale and exports in the first fourth months of 2006
reduced 24 percent from a year ago. The slump have also affected
wages which fall to 44,000 ($100) on average, less than an average
wage on national scale.
Mkrtchian attributed the slump to crises in global markets saying
higher prices of oil and gold coupled with depreciation of US Dollar’s
value have significantly cut demands for extravagant goods.
He said, there were also domestic reason, such as lack of effective
management, lack of financial resources and halt of Russian raw
diamonds supplies.
Now 80 percent of uncut diamonds are brought from Israel and Belgium.