Diamond Processing Factory to Create New Jobs in Armenia

YEREVAN (Noyan Tapan)– The "AMMA Group" diamond processing factory opened Wednesday in Artashat. The construction of the enterprise was financed by the Hovhannissian brothers–six months ago. The enterprise owners have invested around $500,000 in the factory–equipment was provided by the "Shoghakn" company.

The minister of industry and trade of Armenia Hayk Gevorkian– who was attending the ceremony–said that tax privileges were given to the enterprise in terms of raw material imports. Director of the factory Gagik Hovhannissian said that talks are under way concerning the supply of raw materials from Russia.

Hovhannissian also stressed that the enterprise does not cooperate with "De Beers" diamond company. According to Hovhannissian–ready production is supposed to be sold in Belgium.

Currently–the enterprise is working at 50 percent capacity–processing 2000 carats of diamonds monthly. Average salary at the enterprise totals $200 per month–currently there are 100 people employed. According to factory’s director–the number of employees is to be increased to 150. In 2000 the enterprise owners plan to open a new jewelry factory.

According to Hayk Gevorkian–with the development of the diamond processing industry–2000-2500 jobs are to be created in the Armenia within the next two years–mostly in border regions. Units are also to be established in Tavoush–Shirak and Siunik.

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