Istanbul-based Fancy silver company has opened a subsidiary with 40 workplaces in Yerevan.

Co-owner of the company, Aris Demir (Demirchian) told the aforementioned to Armenian News – NEWS.am.

The subsidiary was opened in Meridian free trade zone, where it was exempted from taxes.

''We have production both in Istanbul and here. We export to Russia, Greece, America and elsewhere. Our work with the tax and other authorities goes on very smoothly: We have faced no difficulties [so far],'' he said.

In the beginning it wasn't easy to find experienced masters but the students learnt very fast. ''It's true that our people are good at jewelry. One can say they know the jeweler’s work since their birthday. They can learn everything you want in three months,'' Demirchian said.