Another large diamond-processing company will be founded in Abovyan town this year. The governor of Kotayk Province, Romanos Petrosyan, on Saturday noted this at the “My Step for Kotayk Province” business investment forum in Tsakhkadzor, Armenia. He added that 13 diamond-processing companies are currently operating in Kotayk.

“The share of diamond-processing production makes up 7.5 percent of the processing industry of the province,” the governor said. “The raw material of processed diamonds is imported, whereas the produced diamonds—exported.

“There are great preconditions—rich track-record, great recognition in the international market, and specialists—for diamond processing in our province.”

Petrosyan noted that Kotayk Province has a multi-branch economy, the province’s share in Armenia’s GDP is 7 percent, and industry forms the majority of Kotayk’s economy.

“The four main priority domains of economic development of the province are diamond processing, renewable energy, intensive horticulture and technological agriculture, tourism and hospitality,” Romanos Petrosyan added.