ARMENIAN POLISHED DIAMOND PRODUCTION DOWN BY NEARLY 20%

Tacy, Israel
Dec 3 2006

Armenia reduced its polished diamond production by 19.7 percent in
the first ten months of 2006 compared to the same period of 2005,
says Gagik Mkrtchian, Head of the Armenian Trade and Economic
Development Ministry.

Meanwhile, cut diamond sales fell by over 17 during the same period
as compared to one year earlier.

A drop in global prices for cut and polished diamonds combined with
a weaker dollar in Armenia were behind the drop in output and sales.

Mkrtchian adds that Armenia did not buy any rough diamonds from Russia
in 2006, instead buying most of their rough from Israel and Belgium,
since it was not profitable to buy from Russia.

From: Emil Lazarian | Ararat NewsPress