Tuesday, March 14 2017 12:28
Alina Hovhannisyan

In 2016 Armenia increased diamond exports by 77.9% following the decrease over previous two years

In 2016 Armenia increased diamond exports by 77.9% following the decrease over previous two years

ArmInfo. In 2016, Armenia increased diamond exports by 77.9% following 40.3% decrease in 2015 and 21% decrease in 2014. Imports also experienced positive dynamics - 72.6% growth in quantitative terms (versus 30% decline in 2015 and 15% decline in 2014).

According to the Customs Service of Armenia, in 2016 Armenia exported 169.9 thsd ct of diamonds, the customs value of which grew by 55.3% versus 2015, totaling $104.7mln. The rough diamonds are exported mainly to Russia (44.3%), the UAE (17%), Belgium (13.1%), Switzerland (10.7%), the United States (5.6%), and Canada (4%).

At the same time, the republic imported 417.7 thsd ct of rough diamonds worth $130 mln (up 49.1% versus 2015). The rough diamonds are imported mostly from the UAE (44.8%), Belgium (16.2%), Russia (12.9%), India (9.5%), Switzerland (4.9%), Canada (3.8%), and Republic of South Africa (3.6%).

For comparison it should be noted that in 2015 Armenia exported 95.5 thsd ct of diamonds worth a total of $67.4 mln, and imported 242 thsd ct worth a total of $87.2 mln.

Analysts expect diamonds to grow in price by 20% in 2017. Many experts think that the market of precious stones will be quite stable throughout 2017.  But the situation may considerably change by late 2017 due to the shortage of stones. The diamond output in the world is rather low now and the demand for diamonds will tangibly grow. 

Today, the United States retains leadership in sales and mining of diamonds. Analysts expect no sharp fluctuations on the market. But at the end of 2017 the gap between supply and demand will make up 5% and the gap will be increasingly growing. The demand for diamonds will be high in the United States, while the consumption of diamonds in China will tangibly increase throughout 2017. In India, the middle class will start actively purchasing precious stones.


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