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Lori Diamond Cutting Company To Cut This Year $40-$42 Million Worth

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  • Lori Diamond Cutting Company To Cut This Year $40-$42 Million Worth

    LORI DIAMOND CUTTING COMPANY TO CUT THIS YEAR $40-$42 MILLION WORTH DIAMONDS

    ARKA
    Dec 2, 2009

    YEREVAN, December 2, /ARKA/. Isaak Aghajanian, director general
    of Lori diamond cutting company, told journalists Tuesday that the
    company will have cut this year some $40-$42 million worth diamonds,
    by 10%-15% less if compared to the same period last year.

    He said the company cuts 5,000-6,000 carat diamonds monthly and about
    50,000 a year. According to him, as the global economic crisis recedes
    the production rises slowly. He added they plan to raise production
    by 30% in 2010.

    Isaak Aghajanian said Lori did not stop diamond cutting even at
    the height of the crisis, however, it had to reduce workers from
    500 to 3000, who earn monthly a little over 100,000 Drams (a little
    over $260).

    He said 90 percent of the ready products are exported to the United
    States and Europe. Raw diamonds come from Belgium, USA and Canada.

    Lori diamond cutting company was established in 1992. Fifty percent
    in it is owned by Hamatamant LLC and 50% by Black Willow companies
    company from Virginia islands.
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