Armenia Polished Diamond Exports Drops Sharply

Armenia's exports of polished diamonds were drastically reduced in the 2012 calendar year, Rough and Polished reports. According to new statistics issued by the Armenian Customs Service, though it exported about 351,200 carats of polished diamonds in 2011, that number dropped sharply to only 135,900 carats in 2012 – a 61.3% decrease.

The cash value of Armenia's exported diamonds also took a hit in 2012, though not as severe. The country's exports amounted to $113.7 million in 2011 but only $79 million in 2012, a 30.5% year-over-year decrease, according to Rough and Polished.

Very few of the polished diamonds manufactured in Armenia are meant for internal use; most are sold back to the same countries from whom it purchased the stones in rough form: Europe, the United States and Russia. Hence, the major decrease in exports could only be attributed to a decline in global demand for the stones.

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