Armenia’s membership in customs union to double its jewelry output

Armenia’s membership in customs union to double its jewelry output

YEREVAN, December 10. /ARKA/. Armenia’s membership in the Customs Union will make it possible to double its jewelry output, Emil Grigoryan, the head of Gnomon jewelry factory, told journalists on Tuesday.

In early September, Armenian President Serzh Sargsyan and his Russian counterpart, Vladimir Putin, made a joint statement, according to which Armenia has decided to join the Customs Union and to take part in formation of the Eurasian Union in the future.

“If Armenia prioritizes domestic jewelers, we will become able to double our jewelry output when join the Customs Union,” Grigoryan said.
Besides, he said, the country has untapped capacity in jewelry industry.

Grigoryan also stressed the necessity of keeping Armenia’s current law unchanged.

“Our law related to jewelry industry is very liberal and differs considerably from other Customs Union countries’ laws,” he said. “In particular, unlike these countries, Armenia has not included crude precious metals, semi-finished jewelry made of them, cut precious stones and raw materials in the list of the imports and circulating across domestic market products liable to customs duties.”

Grigoryan pointed out fineness marking as second important issue. The thing is that the fineness marking in the CU countries is made by state-run agencies, while in Armenia this market is liberalized and jewelry pieces are marked by a private company. 

Grigoryan is convinced that Armenia’s membership in the Customs Union will facilitate jewelry sales, since the CU member countries are among Armenian jewelry industry’s outlets.  

In early September, Armenian President Serzh Sargsyan and his Russian counterpart, Vladimir Putin, made a joint statement, according to which Armenia has decided to join the Customs Union and to take part in formation of the Eurasian Union in the future.

According to the National Statistical Service of Armenia, jewelry worth AMD 15.1 billion was produced in the country in Jan-Oct 2013 – 21.8% year-on-year growth.

Export of precious and semiprecious stones, precious metals and jewelry made of them amounted to $155.2 million in Jan-Oct 2013 (11.4% growth), and imports totaled $244.2 million (67% growth). ($1 – AMD 406.80).

17:48 10.12.2013

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