YEREVAN. - Although international market price of diamonds has fallen by about 20%, the Russian ALROSA company has raised the price of diamonds supplied to Armenia, director of Arevkan diamond company Vardan Andreasyan said at a Wednesday press conference.

Nevertheless, the company has not stopped buying raw materials for diamonds from the ALROSA not to disrupt strategic cooperation.

“While buying raw materials we knew we would incur losses, but we did it not to stop deliveries in the future,” he said adding that the Russian company sets prices for rough diamonds unilaterally.

Director of Lori company Gregory Shahnazaryan also said they had to cut volume of supplies due to rise in prices.

Both managers refrained from naming precise price of diamonds, saying it depends on weight, color, degree of damage. For instance, Andreasyan said that a diamond of 0.5 carats was bought for $400, a diamond of 0.75 carats - for $520.

Economy Minister Tigran Davtyan also present at the briefing stressed that they are working on diversification of raw material sources.

Armenia receives 90% of raw material for diamonds from the Russian ALROSA company.