The official opening of the diamond cutting plant, owned by the Indian diamond company VDA Diamonds, will take place this autumn in the city of Abovyan, news.am reports.
"The Indian company VDA Diamonds has been registered in Armenia since July 2022, and since the beginning of April this year it has already started the production process in Abovyan. It is a branch of an Indian company in Armenia. The company invested $10 million in a branch in Abovyan," said Arevik Margaryan, Head of the Department of Strategic Sectors of the Ministry of Economy of Armenia.
According to her, 7-8 companies operate in the diamond industry of Armenia, including the diamond processing company ADM Diamonds and CJSC Hay-Almast, which imports rough diamonds from the Russian company ALROSA.
Diamonds are exported from Armenia mainly to the CIS countries, the EAEU and some other countries.
"Tiffany's, Cartier, Patek Philippe, Hermes and other well-known brands buy diamonds cut in Armenia. Arevakn and Shoghakn companies operate in the sector, from which Tiffany and other leading international companies officially purchase diamonds. They provide this quality," Margaryan said.
Alex Shishlo for Rough&Polished