By Atom Markarian
Business Link, the Armenian branch of the US International Executive Services Corps is assisting Armenian companies with strong export potential to further expand their markets. Business Link planned and executed over 100 consulting projects since 1992. It is now assisting one of the successful industries in Armenia, producers of fine jewelry and diamonds.
Executive Director of the Executive Service Corps Lisa Scorcolliny told journalists in Yerevan today, that Business Link would choose the six most competitive Armenian fine jewelry and diamond companies to consult and assist them for entering the American market. She stressed that the quality of production in Armenia is excellent but design has to be improved to be compatible with the preferences of the American market. The US Company presented its new project today in Yerevan in the press club of "Armenpress." The move will be a major help for small Armenian jewelry and diamond processing companies, which have limited resources and means for marketing efforts in major Western markets.
Business Link will try to establish contacts between Armenian jewelers and major American buyers, a spokesman said, adding that Business Link would also expand its project in Armenia and will try to find more customers for the other jewelers. According to government statistics ten thousand people in Armenia work for small and large jewelry and diamond processing businesses. Armenian companies processing diamonds can increase exports to a level of $120 million a year.
Armenian gold jewelers can be even more successful. Last year jewelry companies have increased production and export of fine jewelry three fold. But this year the demand for diamonds has significantly decreased due to the global economic slowdown. The September 11 terrorist acts in the US worsened the situation in international and US markets. For the first nine month of 2001 the export of processed diamonds has fallen by 70%. However, the level of gold jewelry exports remained robust. For the first nine months of this year Armenian jewelers have increased their exports by 50 percent.