RUSSIA LIKELY TO RESUME EXPORTING ROUGH DIAMONDS TO ARMENIA SOON

ARKA
May 21, 2008

YEREVAN, May 21. /ARKA/. Armenian Economy Minister Nerses Yeritsyan
expressed hope on Wednesday that Russia will resume exporting rough
diamonds to Armenia this summer.

Russian ALROSA sent the first consignment of rough diamonds worth $1
million to Armenia in late December 2007 under the agreement signed
with Armenian Government on cooperation in jewelry and lapidary
industries.

In February 2008, Nerses Yeritsyan said that Armenian enterprises
have already cut the sent diamonds.

"No other consignments have been received after that because of
customs problems with Russia", Yeritsyan said.

He told journalists on Wednesday that Russian prime minister, after
meeting with his Armenian counterpart on Feb 6 in Yerevan, gave the
finance minister a task to convene a meeting between Armenian and
Russian relevant officials to settle the matter.

"However, the meeting has not been held because of elections in both
countries", the minister said.

He said Armenian Economy Ministry is considering room for working
out an alternative strategy of diamond industry development putting
emphasis on jewelry industry.

Under the former Armenian-Russian agreement, Russia’s companies –
ALROSA and Almazyuvelirexport – exported rough diamonds to Armenia
from 2002 to 2006.

Diamonds up to 400,000 carats were intended for the period between 2002
and 2004 and diamonds of 450,000 carats and higher for 2005 and 2006.

However, the flow of rough diamonds from Russian to Armenia started
dwindling in 2004 and ended in 2006

From: Emil Lazarian | Ararat NewsPress