Diamond-cutting companies in Armenia are looking to increase the amount of the precious stones they import from Russia, it has emerged.
According to Rapaport, companies from the country are keen to bring in diamonds worth $100 million (£63 million) annually.
The firms would enter into an agreement with Russia's state-owned diamond mining company Alrosa and are keen to sign contracts with as many businesses as possible that are on Alrosa's client list.
This follows a meeting of the Armenian-Russian intergovernmental commission on economic cooperation that took place in Yekaterinburg in Russia recently, at which a new protocol regarding diamond trading between the two nations was adopted.
Under the terms of the agreement, Alrosa – which accounts for 97 per cent of Russia's overall diamond output and was responsible for 25 per cent of global diamond production in 2002 – will sell precious stones worth between $20 million and $30 million to Armenian companies during 2011.