YEREVAN. –Armenia’s diamond cutting industry can benefit from the abolition of export duties on Russian rough diamonds after accession to the Customs Union, Economy Minister Vahram Avanesyan said.

Vahram Avanesyan told Armenian News-NEWS.am that ALROSA corporation, Russia’s state-owned diamond company, that was previously centrally selling diamonds to Armenian enterprises, has changed the policy.

“There is no reason to believe that quotas on sales will resume after Armenia’s accession to the Customs Union. But our companies can benefit from the abolition of Russian export duties,” he said.

The duty on diamond exports from Russia makes 6.5 percent. The Russian producers also point at desirability of abolishing duties, but only for the local diamond cutters in order to sell raw materials.

In particular, Russia’s largest diamond manufacturing company “Crystal” noted that it is more beneficial to send diamonds for cutting in Ukraine, Belarus and Armenia, but the duties on exports neutralize this benefit.