Expert: Armenian jewelers can compete with manufacturers from China, India and Thailand

ArmInfo. The Armenian jewelers' goods manufactured at the "Meridian" Jewelry Free Economic Zone can compete with those manufactured in China, India and Thailand, Gagik Gevorgyan, President of the Armenian Jewellers Association, told journalists on the sidelines of the International Jewelry and Watch Exhibition "Yerevan Show" on October 24.

He said that the zone can accommodate 400-500 companies and has favorable conditions for them. He added that the first factory has recently been opened, but the factory experiences a lack of skilled personnel.  "We urge the young experts to return to Armenia," Gevorgyan said, noting that the jewelers' monthly salary is $400-600.  

Earlier Nina Manukova, a representative of the "Meridian" Jewelry Free Economic Zone, said that nearly 10 new companies will be opened in the zone and they will create some 300- 500 jobs by the end of the year. 

On 27 Feb 2014, the Armenian Government approved the decision to organize a free economic zone and declare "Meridian" CJSC as its organizer. The investment in creation of the "Meridian" Jewelry Free Economic Zone amounted to $10 million. In the first three years the zone is going to attract 120-150 foreign companies and create up to 2,000 jobs, ensuring annual export of $200-250 million. Preliminary export agreements have been signed with 8 companies from Russia, the USA, Algeria, Jordan, whose products will be exported to the USA, Russia, UAE, Israel, India, Czech Republic, Thailand, Hong Kong, Austria, Belgium and other countries.

To note, according to the National Statistical Service of Armenia, in Jan-Aug 2015 the jewelry output in Armenia totaled 11.2 bln AMD. The year-over-year growth made up 59%.