LORI DIAMOND CUTTING COMPANY TO CUT THIS YEAR $40-$42 MILLION WORTH DIAMONDS

ARKA
Dec 2, 2009

YEREVAN, December 2, /ARKA/. Isaak Aghajanian, director general
of Lori diamond cutting company, told journalists Tuesday that the
company will have cut this year some $40-$42 million worth diamonds,
by 10%-15% less if compared to the same period last year.

He said the company cuts 5,000-6,000 carat diamonds monthly and about
50,000 a year. According to him, as the global economic crisis recedes
the production rises slowly. He added they plan to raise production
by 30% in 2010.

Isaak Aghajanian said Lori did not stop diamond cutting even at
the height of the crisis, however, it had to reduce workers from
500 to 3000, who earn monthly a little over 100,000 Drams (a little
over $260).

He said 90 percent of the ready products are exported to the United
States and Europe. Raw diamonds come from Belgium, USA and Canada.

Lori diamond cutting company was established in 1992. Fifty percent
in it is owned by Hamatamant LLC and 50% by Black Willow companies
company from Virginia islands.