First companies being involved in Yerevan's free economic area for jewelers

The first companies are being involved in a free economic area for jewelers. The ceremony of signing treaties between jewelry companies and free economic zone took place in Yerevan on Monday.

President of the company Arthur Udumyan said Armenian Jewellers Association (AJA) has a significant role in development of the free economic zone.

“We want to turn the area into a new regional jewelry center,” Udumyan said.

In tur, Deputy Economy Minister Tigran Harutyunyan said jewelry and diamond cutting industry is one of the priorities of Armenia’s exports.

Russian businessman Darya Baranova, as well as Armenian entrepreneurs from Russia, U.S., Algeria, Jordan, signed preliminary treaties with free economic area.

Another agreement by Perlite, an Armenian company cooperating with Malca Amit, one of world’s largest enterprises dealing with transportation of precious cargo, was signed. “Dirus”, a company from U.S., plans to provide certification services for produced jewelry.

According to Udumyan, two businessmen, a Syrian Armenia and a Russian Armenian, are interested in the work of economic zone, too. Aram Gevorgyan from Russia plans to open more than 100 jobs here.

Under current law, free economic zone will provide a zero rate for VAT, taxes on income and property, as well as import duties. Free zone should be focused on exports: sales within Armenia will be taxed.


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