WFDB SUPPORTS ARMENIAN INITIATIVE TO ESTABLISH DIAMOND BOURSE

Tacy
gazine/magazine.aspx?id=7907
June 11 2009
Israel

The World Federation of Diamond Bourses (WFDB) has welcomed the
Armenian government’s aim to create a national diamond and jewelry
exchange in the capital Yerevan.

"During the past decade, Armenia’s role in the international diamond
industry and trade has progressed at an impressive rate," said WFDB
President Avi Paz in a statement. "Diamond manufacturing and trading
have reached a critical volume and a logical step would be to establish
a diamond bourse to facilitate diamond trading and thus become part
of the global family of diamond exchanges that are affiliated to
the WFDB."

Paz issued the statement of support during a press conference where
Gagik Kocharyan, Head of the Trade and Market Efficiency Department of
the Armenian Ministry of Economy, announced the government initiative.

According to Kocharyn, the creation of a diamond and jewelry exchange
in the Armenian capital would give the country an opportunity to play
a serious role in the region, to attract world market participants
to Armenia and to increase jewelry sales in the country.

The exchange will initially operate within a free trade zone to be
created at Zvartnots airport, added Kocharyn.

"We are looking forward to opening a channel of communications with our
Armenian counterparts and begin liaising," added Paz, who then invited
an Armenian delegation to participate in the WFDB 2009 Presidents’
Meeting scheduled for November in Antwerp.

Sources say that representatives of Armenia’s jewelry sector first
brought up the idea of an Armenian diamond exchange back 2003.