(Interfax) - Armenia and Russia Friday signed an agreement on the supply of 2.1 million carats of uncut Russian diamonds in 2002-2006.
Karen Chshmaritian, the Armenian trade and economic development minister, and Alexei Ulyukayev, a first deputy Russian finance minister, sealed the deal in Moscow, a spokesman for Armenia's foreign ministry told Interfax.
Russia will supply Armenia with 400,000 carats of gem diamonds a year in 2002-2004 and 450,000 carats a year in 2005-2006.
The diamonds will be supplied under annual export quotas approved by the Russian government. Armenian trade ministry specialists estimate that Armenian jewelry factories are getting through 20,000-25,000 carats of diamonds per month, three times less than their overall capacity.