DIAMOND AND JEWELRY EXCHANGE TO BE SET UP IN ARMENIA

/ARKA/
June 2, 2009
YEREVAN

YEREVAN, June 2. /ARKA/. A diamond and jewelry exchange is to be
set up in Armenia, head of trade and market efficiency department of
Armenian Ministry of Economy Gagik Kocharyan told a press conference at
"Novosti" International press center.

The exchange is to operate within a free trade zone to be established
at Zvartnots airport, he said.

Kocharyan said that both raw and cut diamonds, as well as jewelry
produced in Armenia, are to be sold on the exchange.

Creating of a diamond and jewelry exchange in Yerevan will give
Armenia an opportunity to play a serious role in the region, to
attract various world market participants to Armenia and to ensure
jewelry sales inside the country, Kocharyan said.

He also pointed out that implementation of this idea may require quite
much time as necessary raw materials base and respective infrastructure
need to be established.

"Armenia needs to get well prepared not to disappoint the market and
to provide a wide range of products in terms of kinds and quality to
ensure the respective permanent demand for the produce," Kocharyan
said.

The project will be implemented in close cooperation with the private
sector.

The necessity of creating a diamond exchange in the country was first
raised back in 2003 by representatives of jewelry sector as lack of
the exchange impeded t he activities of jewelry companies.

According to the market participants, the exchange could be formed
only through large financial investments that were impossible from
internal sources and were expected to be received from the Armenian
communities abroad.