Armenia's cut and polished diamond exports fell 55.4 percent year on year to 29,000 carats in the first quarter that ended on March 31, according to the country's Customs Service. Diamond export value rose to $18.7 million from $17.5 million in 2011, Rapaport reported citing Interfax.
The country's Economy Ministry told Interfax that the customs value of the stones was up due to the republic cutting larger diamonds at higher prices and thus exported more valuable jewels.
The republic imported 70,000 carats of rough diamonds for $23.5 million in first-quarter versus 106,000 carats for $27.3 million in the same three months of 2011.
The lion's share of the imported rough diamonds are cut and then exported mainly to Europe, the U.S. and Russia. The ministry said the drop in exports and imports by carat weight was a product of lower world demand.
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