Lori diamond cutting company to cut this year $40-$42 million worth diamonds

YEREVAN, December 2, /ARKA/. Isaak Aghajanian, director general of Lori diamond cutting company, told journalists Tuesday that the company will have cut this year some $40-$42 million worth diamonds, by 10%-15% less if compared to the same period last year.

He said the company cuts 5,000-6,000 carat diamonds monthly and about 50,000 a year. According to him, as the global economic crisis recedes the production rises slowly. He added they plan to raise production by 30% in 2010.

Isaak Aghajanian said Lori did not stop diamond cutting even at the height of the crisis, however, it had to reduce workers from 500 to 3000, who earn monthly a little over 100,000 Drams (a little over $260).

He said 90 percent of the ready products are exported to the United States and Europe. Raw diamonds come from Belgium, USA and Canada.

Lori diamond cutting company was established in 1992. Fifty percent in it is owned by Hamatamant LLC and 50% by Black Willow companies company from Virginia islands. M.M. -0-