As it has been informed by RBK, Russia overprices its diamonds sold to Armenia. This announcement was made by the Minister of Trade and Economic Development of Armenia Karen Chshmaritya. After prices of raw diamonds liberalisation taken place in Russia in 2003 Armenian cutters refuse to buy Russian raw diamonds. Only 130 thou ct of Rusian diamonds have been bought by Armenian cutting companies this year, the total quota being 400 thou ct.

According to the Ministry of Trade of Armenia, in 2006 the volumes of diamonds and jewellery production and export will at least double and will amount to $500 mln. The programme of the sector development pays great attention to the improving of relationship with Russia. In January-November 2003 Armenian cutting enterprises have produced diamonds worth $226 млн, that is by 37,4% more that the same period last year.