CANADIAN-ARMENIAN JEWELER TO OPEN COMPANY BRANCH IN ARMENIA

[MosJan]

CANADIAN-ARMENIAN JEWELER TO OPEN COMPANY BRANCH IN ARMENIA

Hambo Titizian, a Canadian-Armenian jeweler has bought a building in a Yerevan suburb to open a branch of his company in Armenia and to give jobs to between 200-300 workers.

 

 

Armenians have been renowned for their art in jewelry since old times. Now they occupy a conspicuous place in world jewelry. In terms of integration and cooperation this sector is at the forefront in the Armenian economy. Experts say that the relevant legislation if not perfect in the world but is the most favorable in the region. The desire of Armenian jewelers working at different corners of the world to have their transnational network for their own sake and for the sake of Armenia can be regarded accomplished.

 

 

Armenian jewelers from USA, Canada, Australia and many other countries, all in all 50 men, gathered on Thursday at a newly opened Metropol in Yerevan to outline their future plans and meet with Armenian president Robert Kocharian, who confirmed that jewelry and related crafts were given special attention by the government. Jewelry and diamond cutting continue to occupy the leading place in Armenian economy accounting for nearly 40 percent of export volumes. But the latest downward trends in the world market have affected Armenian jewelry too bringing export volumes down by 20 percent. The experts are very cautious in trying to foresee the affects of the US terrorist attacks on the sector development. The delay in delivery of 300,000 carats of Russian raw diamond may also affect the sector. The officials say it may cause some problems but the overall tendency is positive. Gagik Mkrtchian, the head of a department in the ministry says he has no doubts that the entire amount of raw diamonds will reach Armenia. Russia’s Putin’s last week visit to Armenia seems to have stepped up the process of bilateral Russian-Armenian agreements’ implementation. There are now 500 jewelry and 70 diamond cutting big and small companies in Armenia with almost 10,000 workers. In the recent three years the volumes of jewelry exports increased three times and those of diamond two times. In 1997 $22 million worth products were exported, in 1998 the figure was $45 million, in 1999 it came to $82 million and $110 million in 2000.

 

 

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