Armenia's diamond-cutting industry emerging from crisis

Armenia's diamond-cutting industry is emerging from the crisis, Economy Minister Tigran Davtyan said today.

"The global economic crisis had seriously affected our diamond-cutting plants, which suffered serious losses, but now we are able to get out of the crisis, and I guess that by the end of this year we will be able to increase the volume of exports compared to previous, pre-crisis years,’» Davtyan said when visiting Arevak and Lori diamond-cutting companies in central Kotayk province.
Davtyan said an agreement was reached with the Russian diamond producer Alrosa, which currently supplies raw materials to about 10 Armenian diamond companies.

Lori diamond processing company receives raw diamonds from Alrosa, with which it has been cooperating since 2007. In the first ten months of 2011 it reported a 57.7% decline over the same period last year. Other figures were not available. The company's entire output was exported. It employs 121 people whose average monthly salary is 128,000 drams.

Arevak company also receives raw diamonds from Alrosa. It has 126 people on its payroll whose average monthly salary is 106,000 drams. During the first 10 months of 2011 its output increased by 42.7% and all was exported. Other figures were not available.

According to the National Statistical Service of Armenia, in January-September 2011 Armenian diamond-cutting plants produced 51,500 carats of dimoand, by 8.3% more from a year earlier.