The Government of the Republic of Armenia

Based on the agreement signed on December 2, 2013 between the Republic of Armenia Government and the Government of the Russian Federation on natural gas, crude oil and diamond supply cooperation agreement, under which Armenian entities are not entitled to re-export the export-duty-free rough diamonds obtained from the Russian Federation, the Government established today a registration procedure, recognizing the Ministry of Economy as its authorized authority.

Under Russian laws, the rough diamond purchased in that country by non-residents is subject to export duty, which is a significant amount. As matter of fact, Armenian companies are exempted from these duties, provided they do not re-export it. The decision is supposed to drastically promote gemstone production in Armenia.