Armenia increases gold exports 1%, doubles cut diamond exports in Q1
YEREVAN. April 30 (Interfax) - Armenia increased exports of gold equivalent by 0.9% year-on-year to 494.3 kilograms (including galvanic plating) in Q1 2013, and it boosted cut diamond exports 130% to 67,300 carats, the country's Customs Service reported.
The customs value of the exported gold rose 11% to $17 million, and that of the exported cut diamonds jumped 31% to $24.5 million.
Imports of gold to Armenia soared 43% year-on-year to 535.8 kg (including galvanic plating). In monetary terms, imports were up 40% to $28.3 million.
Imports of rough diamonds climbed 49% to 104,500 carats. In monetary terms, they were up 30.6% to $30.7 million.
The Armenian Economy Ministry told Interfax that this growth was spurred by an increase in orders for rough diamond processing, which could be an episodic phenomenon, given the fact that as yet there is no rising trend in global demand for cut diamonds. Besides finished cut diamonds, Armenia also re-exports unprocessed rough diamonds - for example, from Russia and Belgium. There are no statistics on the amount of re-exports of unprocessed rough diamonds, although it could reach up to 50% of all exports at different times, the ministry noted.
Armenia exports Dore gold bars with gold content of up to 92%. The country does not produce pure (bank) gold.
Because Armenia does not possess its own deposits, it imports raw diamonds for processing then exports cut diamonds predominantly to the countries from which it imports the raw material - Russia and Belgium.
