Interfax, Russia
Dec 30 2010
India’s Firestone to buy diamonds for finishing in Armenia
YEREVAN. Dec 30
Indian Firestone Diamond has signed an agreement to purchase raw
diamonds in Russia for processing at Firestone enterprises in Armenia,
Armenian Prime Minister Tigran Sarkisyan said at a government meeting
on Thursday.
Firestone made major investment in Armenia’s diamond cutting sector in
2009, he said, without specifying the amount.
Firestone Diamond Armenia created 120 new jobs last year.
Late last year, then-Economy Minister Nerses Yeritsyan said Firestone
planned to invest “tens of millions of dollars” in Armenia’s diamond
industry, and that hundreds of jobs would be created.
It was reported earlier that Armenia decided against taking a $100
million commercial loan from Russia to buy raw diamonds. Instead, the
government began negotiations directly with Alrosa (RTS: ALRS) in
order to enable diamond cutters in Armenia to buy raw diamonds
directly.
Firestone Diamond is India’s biggest jewelry exporter.
From: A. Papazian
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