DECLINE IN VOLUME OF PRODUCTION IN JEWELRY AND DIAMOND CUTTING BRANCH
OF RA ECONOMY CONTINUES

YEREVAN, 25 MAY, NOYAN TAPAN. The decline in volumes of production in
the spheres of jewelry and diamond cutting continues in Armenia.
According to the data of Gagik Mkrtchian, head of the Jewelry and
Goldsmith Department of RA Ministry of Trade and Economic Development,
in 2004 the production in this sphere amounted to about 280 million
dollars, while in 2005 it amounted to 220 million dollars. In 2006
from January to April, the production in this sphere amounted to 63.1
million dollars (about 28.4 billion drams), while in the same period
of 2005 it amounted to 86 million dollars (38.7 billion drams). The
decline makes 27%. During the interview with the Noyan Tapan
correspondent Mr. Mkrtchian mentioned several factors for the decline
of the production in this sphere, among which are the crisis phenomena
that are registered in the international jewelry and diamond market.

The reason for them is that especially the costs of fuel resources are
raising, which in many countries resulted in reduction of the solvent
demand. In such conditions, consumers spend less means for buying
luxury accessories. Referring to the estimations of international
experts, he mentioned that the international market of jewelry and
goldsmith will become active already this year. It was mentioned that
the further implementation of the 2005-2007 branch development program
will stop the decrease in the production of the jewelry and diamond
cutting branch of the RA economy and will secure its increase. By this
document, it is expected to improve the legislative field for
investments and to reduce to the extent the administrative obstacles
by implementing the administrative principle of one window.

From: Emil Lazarian | Ararat NewsPress