Armenian jewelry companies propose to apply quotas on local gold ore processing
24.11.2014,
12:42
Armenian jewelry companies suggest applying mandatory quotas on processing local gold ore processing and gold production, deputy head of Gnomon Yerevan Jewellery Plant Stepan Mkrtchyan said at a discussion on jewelry industry problems in the ministry of economy on Friday.
YEREVAN, November 24. /ARKA/. Armenian jewelry companies suggest applying mandatory quotas on processing local gold ore processing and gold production, deputy head of Gnomon Yerevan Jewellery Plant Stepan Mkrtchyan said at a discussion on jewelry industry problems in the ministry of economy on Friday.
Gnomon Yerevan Jewellery Plant launched its refinery back in May 2002, but the output is too low mainly due to lack of raw gold, he said.
Meanwhile, the local gold ore is exported to various countries for processing and refinement, despite the capacities available for doing it in the country, Mkrtchyan said.
In this respect, he said, jewelry companies propose to use mandatory quotas for about 10-15% of local ore to be processing within the country.
In response, the minister of economy Karen Chshmarityan said the government cannot do it as gold extracting companies are private and pursue their own commercial interests.
Instead, more favorable conditions should be created in local refineries to attract producers to the local market, the minister said.
According to Gnomon Yerevan Jewellery Plant Armenian companies are capable of processing and producing a total of 2 tons of gold per year. The company's estimates show the current raw gold and silver exports are sufficient to meet the needs of local jewelry companies during the next 2-3 years.
According to Armenia’s National Statistical Service, jewelry production output amounted to 7,691.4 million drams in January-September, a reduction of 43.5% compared to the same period of 2013. In the same period, a total of 801.1 kilograms of jewelry was produced compared to 818.3 kilograms in January-July 2013 (2.1% decrease).
Armenia’s diamond production output dropped by about 36% to 42,846 carats in the reporting period. Exports of precious and semi-precious stones, precious metals and products amounted to about $168 million (22.8% increase) in January-September; imports were $231.5 million (10.7% increase). ($1- 418.40 drams). –0--
Gnomon Yerevan Jewellery Plant launched its refinery back in May 2002, but the output is too low mainly due to lack of raw gold, he said.
Meanwhile, the local gold ore is exported to various countries for processing and refinement, despite the capacities available for doing it in the country, Mkrtchyan said.
In this respect, he said, jewelry companies propose to use mandatory quotas for about 10-15% of local ore to be processing within the country.
In response, the minister of economy Karen Chshmarityan said the government cannot do it as gold extracting companies are private and pursue their own commercial interests.
Instead, more favorable conditions should be created in local refineries to attract producers to the local market, the minister said.
According to Gnomon Yerevan Jewellery Plant Armenian companies are capable of processing and producing a total of 2 tons of gold per year. The company's estimates show the current raw gold and silver exports are sufficient to meet the needs of local jewelry companies during the next 2-3 years.
According to Armenia’s National Statistical Service, jewelry production output amounted to 7,691.4 million drams in January-September, a reduction of 43.5% compared to the same period of 2013. In the same period, a total of 801.1 kilograms of jewelry was produced compared to 818.3 kilograms in January-July 2013 (2.1% decrease).
Armenia’s diamond production output dropped by about 36% to 42,846 carats in the reporting period. Exports of precious and semi-precious stones, precious metals and products amounted to about $168 million (22.8% increase) in January-September; imports were $231.5 million (10.7% increase). ($1- 418.40 drams). –0--
