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Armenia Diamond Production -60.4% In 1Q06

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  • Armenia Diamond Production -60.4% In 1Q06

    ARMENIA DIAMOND PRODUCTION -60.4% IN 1Q06
    By Jeanette Goldman

    Diamonds.net, NY
    April 16 2006

    (Rapaport...April 16, 2006) Armenia's cut diamond production dropped
    60.4 percent in the first quarter of 2006 to $38.8 million, according
    to the Armenian Trade and Economic Development Ministry.

    Sales of diamonds fell 66.7 percent to $41.9 million, and exports
    dropped 63 percent to $39.5 million, reported Interfax on April 13.

    The ministry blamed disruptions at Shogakn, Armenia's largest
    diamond cutting plant, for the drop in production. Shogakn produces
    approximately 40 percent of Armenia's cut diamonds. Armenia's minister
    of gemstones and jewelry, Gagik Mkrtchian, anticipates the plant
    will resolve its 'internal problems' shortly and return to full
    production. In 2005, Armenia produced $248.5 million in cut diamonds.
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