A meeting in Yerevan could shape the future of Armenia’s diamond sector. The Minister of Economy and industry leaders discussed ambitious plans to increase production volumes and seek new sources of raw materials.
On October 2, Armenian Minister of Economy Gevorg Papoyan held talks with representatives of the diamond industry as part of a public-private sector dialogue.
According to the press service of the Ministry of Economy, key issues for the industry's development were on the agenda. Participants discussed the possibility of increasing the volumes of raw materials procured and improving processing efficiency. Special attention was given to the prospects of finding alternative sources of raw materials, which could open new opportunities for Armenian manufacturers.
Following the meeting, Minister Papoyan proposed concrete steps to advance the sector. He instructed that all the ideas voiced during the discussion be summarized to develop a comprehensive action plan.
Armenia’s diamond industry has shown rapid growth. From 2019 to 2023, diamonds rose from eighth to fourth place in the country’s exports and from fifth to third place in imports. The year 2023 was a record-breaking year, with diamond exports reaching $577.5 million and imports $550 million, nearly matching the total import volume for 2019-2021 combined.
