BRUSSELS: Vazgen Safaryan, the chairman of the Armenian Union of Domestic Commodity Producers predicts a further growth in the export of cut diamonds.
According to statistical data, Armenia’s export of cut diamonds in the first half of 2016 more than doubled from the year before to 69,500 carats. The customs value of exported diamonds amounted to $45 million, up from $29.7 million in the first six months of 2015.
The bulk of polished diamonds- about 72.1%- was exported to Belgium, the Russian Federation and the UAE. Exports to Russia and the UAE are said to have increased, while exports to Belgium have declined.
According to Safaryan, the growth has been made possible due to favorable conditions created by the government for import of uncut diamonds, as well as due to Merdian free economic zone.
The procedure for import of rough diamonds from Russia was facilitated in late 2014, enabling Armenian diamond processing companies to buy natural rough diamonds from Russia without export duties.