MODERNISATION OF DIAMOND PROCESSING SPHERE IS ESSENTIAL IN ARMENIA – MINISTRY OF ECONOMY

ARKA
Dec 1, 2009

YEREVAN, December 1. /ARKA/. "Diamond processing sphere needs
modernization", said Nerses Yeritsyan, Minister of Economy of Armenia.

"It is necessary for management and diversification of sources of
raw material", he said to the journalists on Tuesday.

Development of jewelry sphere is also important for Armenia from the
point of view of increase of added value production. At present,
opportunities of Armenia allow to create not big percent of added
value on raw material. Today the share of Armenian enterprises in the
cost of final product is only 2-3%; the rest is going on raw material.

Yeritsyan mentioned the necessity of increasing the share of Armenia
in the cost of jewelry products up to 50-60%.

Development of jewelry production in Armenia is rather serious
challenge and several years are needed for the establishment of
relevant institutions. "It is necessary to have designing skills.

Armenia has secular traditions in this sphere", he said. By the
results of 2009, there will not be decline in the share of diamond
processing and jewelry production but he did not bring any indicators.

According to National Statistic Service of Armenia in January-October
2009, 39.1 thousand carat of diamond was produced in Armenia which is
55.8% under the level of similar period of 2008. During ten months
of 2009 the volume of jewelry products was 603.9 kg (decline of 18%
compared with January-October 2008).