No decline in the Armenian diamond-cutting industry is expected this year, RA Minister of Economy Nerses Yeritsyan told reporters today. He pointed out that the industry’s indicators will be specified at the end of this year. The Minister said that the development of Armenia’s diamond-cutting industry requires management reforms, diversification of raw materials sources, and introduction of modern technologies in diamond-cutting plants.

Minister Yeritsyan said that 2-3 per cent of cut diamonds produced in Armenia were used by the local jewelry industry for manufacturing end products. The rest were exported as raw materials. Jewelry and watch-making are diamond-using industries, and they must be developed for larger value-added taxes to be collected, Yeritsyan said. He pointed out that jeweller's art in Armenia has centuries-old traditions and can occupy a serious niche in the market. Shahe Aslanyan, co-owner of the Lori diamond-cutting company, said that Armenian diamonds sell well on the international market.

Today, RA President Serzg Sargsyan visited the Lori diamond-cutting company to get acquainted with the problems of one of the most important industries in Armenia and discuss the ways of resolving them. The President was accompanied by RA Minister of Economy Nerses Yeritsyan, Kotayk Governor Kovalenko Shahgeldyan, the co-owners of the Lori company Shahe Aslanyan and Vardkes Knajyan.