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Interfax, Russia
Nov 21 2014
Armenia cuts diamond imports from Russia in 2014 on declining demand
for finished diamonds
YEREVAN. Nov 21
Armenia diamond-cutting enterprises have sharply reduced imports of
uncut diamonds from Russia owing to the poor market for finished
diamonds, the head of the industrial policy department of Armenia's
Economy Ministry Armen Yeganyan told Interfax. The decline comes
despite cancellation of export duties in the middle of the year.
Armenian enterprises purchased 96,000 carats of diamonds from Russian
Alrosa (MOEX: ALRS) in 2013. They purchased just 38,000 through the
first 10 months of 2014 and are unlikely to make up the shortfall
compared with 2013 by year-end, Yeganyan said.
Russia cancelled the 6.5% export duty on diamonds shipped to Armenia
effective from July 1. In fact, most of the purchases were made in the
last few months, he said.
This year the imports are cut in Armenia, unlike last year, when
almost all of the uncut diamonds were re-exported to third countries.
Since June, re-export of the Russian imports has been prohibited.
Yeganyan predicted that imports would pick up in 2015, but declined to
specify a figure.
Armenia imported a total of 107,000 carats of diamonds in 10M 2014 and
175,000 carats in full-year 2013. It imports diamonds from Russia,
Namibia, Guinea, Canada, Belgium, Sweden and other countries.
Jh of
Nov 21 2014
Armenia cuts diamond imports from Russia in 2014 on declining demand
for finished diamonds
YEREVAN. Nov 21
Armenia diamond-cutting enterprises have sharply reduced imports of
uncut diamonds from Russia owing to the poor market for finished
diamonds, the head of the industrial policy department of Armenia's
Economy Ministry Armen Yeganyan told Interfax. The decline comes
despite cancellation of export duties in the middle of the year.
Armenian enterprises purchased 96,000 carats of diamonds from Russian
Alrosa (MOEX: ALRS) in 2013. They purchased just 38,000 through the
first 10 months of 2014 and are unlikely to make up the shortfall
compared with 2013 by year-end, Yeganyan said.
Russia cancelled the 6.5% export duty on diamonds shipped to Armenia
effective from July 1. In fact, most of the purchases were made in the
last few months, he said.
This year the imports are cut in Armenia, unlike last year, when
almost all of the uncut diamonds were re-exported to third countries.
Since June, re-export of the Russian imports has been prohibited.
Yeganyan predicted that imports would pick up in 2015, but declined to
specify a figure.
Armenia imported a total of 107,000 carats of diamonds in 10M 2014 and
175,000 carats in full-year 2013. It imports diamonds from Russia,
Namibia, Guinea, Canada, Belgium, Sweden and other countries.
Jh of