Economy Minister says Armenian diamond industry reviving

November 16, 2011 - 13:02 AMT

PanARMENIAN.Net - Armenia possesses significant potential for the development of diamond processing industry, RA Minister of Economy stated.

As Tigran Davtyan said during his November 16 visit to diamond processing companies in Kotayk region, diamond export reached USD 300 mln in 2000 to total about 40% of Armenia’s export volume.

He noted that the sector successfully copes with crisis to reach pre-crisis volume by yearend and even to increase export figures.

Minister Davtyan also briefed on the steps taken by the government during the current year towards creating favorable environment for raw materials supply.

During their recent visit to Armenia, members of Russian Alrosa Company delegation familiarized themselves with possibilities of Armenian enterprises to increase supply of raw materials and expand the list of companies.

According to Economy Minister, the volume of raw material supply reached USD 40 mln and is expected to rise to USD 50mln in 2012.

Currently Armenia is negotiating with other leading companies regarding diversification of raw materials supply “to help our companies more effectively organize their production,” he said.