18:55 06/08/2007 » Economy

ARMENIA SIGNS A COOPERATION AGREEMENT WITH RUSSIA ALROSA

ALROSA Jewellery and the Armenian Ministry of Trade and Economic Development signed an Agreement on Cooperation in Jewellery, Press Secretary Anahit Khechoyan told Panorama.am. Minister of Trade and Economic Development Nerses Yeritsyan and ALROSA President Sergey Vibornov signed the document. Present were ALROSA Deputy President Sergey Ulin, President of the Armenian International Association of Goldsmiths, DCA Head Gagik Abrahamyan, Jewellery Department Head Gagik Mkrtchyan other Armenian and Russian representatives.

The press secretary said “work will be done on details of the agreement” since the Russian party has “serious plans” to enlarge cooperation.

The Russian delegation, spearheaded by Sergey Vibornov, arrived in Yerevan today. ALROSA President will meet with the Armenian president and the prime minister today. He will also hold meeting with local entrepreneurs.

As a follow-up, an Armenian-Russian joint venture on Russian diamond processing is expected in Armenia. Sources say soon ALROSA and DCA will sign an agreement to process Russian diamond in Armenia, which will be sold in the Russian market.

ALROSA processes 97 percent of Russian diamond and owns 25 percent of total share of world diamond processing. The company revenues approximate $3 billion per annum. ALROSA shareholders are Rosimushestvo (37 percent of shares), Yakutia State Ownership Management Ministry (32 percent of shares), eight regions of Yakutia (8 percent of shares) and 23 percent of shares are owned by different physical and legal entities.

Source: Panorama.am

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