Armenia keeps curtailing diamond export

According to the data of the Customs Service of Armenia, during 6 months of 2015 Armenia exported 30 thousand carats of diamonds, versus 100 thousand carats in 2014. In monetary terms exports of diamonds declined from 63 million dollars in 2014 to 30 million dollars in 2015. To note, in 2014 Armenia exported 100.1 thousand carats of diamonds worth a total of 62.7 million dollars and imported 187.9 thousand carats of total cost of 82.1 million dollars. 

 

Meanwhile, during the reported period 81 thousand carats of rough diamonds, total cost of which is 36.2 million dollars were imported to Armenia, versus 188 thousand carats (82 million dollars) in 2014. Rough diamonds are imported to Armenia mainly from UAE, Belgium and Russia, as well as from India, Switzerland, Thailand, Israel, South Africa, Canada, Lebanon, Hong-Kong, and the U.S. 

 

To note in 2014 export of diamonds also declined by 21%, while the import declined by 15%. However, the growth of export in monetary terms the Armenian Ministry of Economy both times has explained by the fact that more expensive diamonds of higher quality are exported. 

 

In 2013, export of diamonds increased by 49.2% and import increased by 51.6%. In 2012, export of diamonds declined by 61.3%, and the import declined by 40.1%. Armenia does not have diamond fields, so it imports rough diamonds for their further polishing and export primarily to the same countries, from which it imports the initial product. Main export goes to Russia and Belgium, which are followed by UAE, Thailand, Canada, the USA and Israel. Diamonda are exported also to India, Switzerland, Hon-Kong and Belarus. 

 

Traditionally import of rough diamonds exceeds the export; the Ministry of Economy explains this by re- export to the third countries. After Armenia had joined Eurasian Economic Union re-export 

of rough diamonds was forbidden. 

 

To note, once very developed diamond-cutting industry in Armenia underwent serious crisis in mid 2000s because of strengthening of the national currency. That time Armenian government in the person of the Economy Minster Nerses Yeritsyan officially announced that it is not 

interested in supporting the development of the industry, which is based on customer-furnished raw materials. A number of both large and small diamond-cutting companies were closed following this decision. Nowadays, efforts are made to reanimate some enterprises, including 

the diamond-cutting industry in the "Shoghakn" factory.  A corresponding agreement was signed with Russia, however, as the specialists close to the industry informed Arminfo, there are almost no highly professional diamond-cutters left in Armenia, most of them in search of job moved aboard long ago.