ANALYSES RELATED TO DECLARING ARMENIA’S GEM AND JEWELRY SECTOR A FREE ECONOMIC ZONE CONTINUE
Noyan Tapan
Dec 26 2006
YEREVAN, DECEMBER 26, NOYAN TAPAN. According the RA Minister of Trade
and Economic Development Karen Chshmaritian, the analyses on possible
results of declaring Armenia’s gem and jewelry sector a free economic
zone are continuing.
The minister said this on December 26 at a press conference to
summarize this year’s results. He reminded that such a proposal was
made by the Association of Armenian Jewellers, whose members operate
in many countries and made most of investments in the country’s
gem and jewelry sector. "If analyses show that such a step may be a
serious stimulus for further development of the sector, we will take
this step," K. Chshmaritian said. In 11 months of 2006, the commodity
production of the gem and jewelry sector made 81.7 bln drams (more than
194 mln USD) compared with production of 102.6 bln drams last year.
Production of 82.07 bln drams was sold against that of 101.5 bln
drams last year.
Exports amounted to 80.2 bln drams against 100.14 bln drams in 2005. In
the opinion of the ministry experts, a decline in exports of cut
diamonds and jewelry items is connected with the decline in demand
for these goods and their sales on the international market. A sharp
decline in the supply of rough diamonds by Russia (in connection with
the liberalization policy that Russia has conducted in this sector
in the last two years) also has a great impact on the reduction of
cut diamonds export.