Armenia Diamond Exports Drop 64%

Armenia’s polished diamond exports fell 64 percent to $39.08 million in the first nine months of the year. In volume, exports dropped 67 percent to 60,875 carats, an average value of $642 per carat.

The country’s Customs Service, which provided the January-September figures, pinned the decline in exports on global market trends and a drop in demand for diamonds.

Armenia’s polishing firms import most of the country’s rough diamonds from Russia. The Russian supply is not always free flowing and is impacted by Russia’s desire to exert economic pressure on Armenia.