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DIAMOND PROCESSING WILL DEVELOP IN ARMENIA

Economy

Armenian leaders state with pleasure the fact Armenia joined one more international structure, becoming the 56-th member of it towards the end of this year.

”Kimberley Process”, having UNO’ warrant, precludes circulation of illegal “conflict” diamond in the legal international trade.

Armenia made too much efforts to be inscribed in “Kimberley Process” by the end of 2002 or else it would miss its chance for diamond trade with 55 countries beginning from January 1, 2003.

The above membership in diamond processing branch grants no privilege to any country . Any decision in that international structure is made by agreement of everybody. In other words, a “con” by any of 56 countries may put a veto on the common decision . Time will show whether it will have a positive or a negative influence on Armenia.

But as a matter of fact, Armenia didn’t need to partake in “Kimberley Process”. Armenia is not occupied with wholesale trade of diamond. No illegal diamond circulation is assured to be in the republic .

Armenia is just worried about the future when 5 years later, under the new regulations at the elaboration process, it will become one of the leading states in stone industry and will have a wholesale diamond trade centre here.

Before that the country, re-processing diamond, will take the first place in diamond processing in the world. Those processing diamond here are sure they are in the first ten.

Under the showing of this year, diamond of 150 million $ was re-processed in Armenia . 366.000 carat material was imported from Russia, though much more was envisaged by the contract.