Russian Diamonds at Domestic Prices: Kocharyan Presents Previous Agreements

The jewelry sector is returning to the situation of 1998, although it is considered an integral part of the national culture and an attractive area for family entrepreneurship. This was stated by the prime ministerial candidate from the "Armenia" alliance, Robert Kocharyan.

“During my first term as President of Armenia, the country was among the fastest growing economies in the world, and during my second term, Armenia was already in the top five. Moreover, in 1998, there was a default in Russia which affected all post-Soviet countries, and Armenia was the least affected thanks to the measures taken. The World Bank called Armenia the 'Caucasian Tiger',” he noted.

According to Kocharyan, the head of state must properly assess the situation and, based on the country’s potential, take steps to leverage competitive advantages.

“At that time, the unemployment rate was above 20%, and a decision was made to target the development of sectors that could provide numerous jobs with relatively small investments. The jewelry and carpet-making sectors became such areas. It turned out that absurd barriers hindered the development of jewelry, which were quickly removed. As a result, tens of thousands of jobs were created in those sectors. Additionally, in light of the necessity of importing raw materials, I agreed with the President of Russia that we would import diamonds at domestic prices. This became an attractive factor for investments. With the same tool of tax incentives, we managed to create thousands of jobs, especially in rural areas. It was at that time that the IT sector also began to develop actively,” emphasized Kocharyan.