Tiffany, Cartier, Hermes and Other Famous Brands Purchase Diamonds Produced in Armenia: Official

Activity is being observed in the diamond processing sector in Armenia. This spring, an Indian factory has begun the production process for diamond processing within the country, and there are others interested in establishing production in Armenia, with negotiations currently ongoing.

The growing activity in the sector is also reflected in the export volumes of precious stones from Armenia. According to data from the Statistical Committee, in recent months, precious and semi-precious stones have accounted for the largest share of exported goods, alongside precious metals and items made from them.

For instance, in the first four months of this year, goods worth $508 million and $61.2 thousand of precious and semi-precious stones, precious metals, and items made from them were exported from Armenia, representing an increase of 3.9 times compared to the same period last year.

In an interview with Armenpress, Aravik Margaryan, head of the Strategic Sectors Department of the Ministry of Economy of Armenia, linked the growth in the export of these products mainly to diamonds and gold ingots, as well as jewelry exports. According to her, the increase is influenced by both the geopolitical situation and the operations of diamond processing companies established in the country.

Diamonds are mainly exported from Armenia to CIS and EAEU countries, as well as certain other countries. For example, last year, more than 34 billion 829 million drams worth of diamonds were exported to EAEU countries from Armenia, compared to over 17 billion 351 million drams in 2021. In addition, diamonds amounting to 727 million 244 thousand drams were exported to other countries last year, which is close to the 2021 figures.

The official from the Ministry of Economy assured that due to the availability of a skilled workforce, quality products are being produced in Armenia. “Tiffany & Co., Cartier, Patek Philippe, Hermes, and other well-known brands are purchasing diamonds produced in Armenia,” Margaryan stated.

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