Sectorial Brochure Jewelry Sector of Armenia/ BA | Page 4

MANUFACTURING
JEWELRY, PRECIOUS METALS AND PRECIOUS STONES
2017 +35.7%
GROWTH RATE
2014
2017
37.3%
AVERAGE ANNUAL GROWTH
JEWELRY
DIAMONDS
2014
2017
2014
52.3%
2017
AVERAGE ANNUAL GROWTH
19.1%
AVERAGE ANNUAL GROWTH
£ Production volume of jewelry, precious metals and precious stones was worth
about $102.8 million in 2017
£ There are 48 companies in jewelry, precious metals and precious stones
manufacturing sector, of which 28 in jewelry production and 10 in diamond
production sectors
£ The jewelry industry employs more than 15000 skilled workers and the diamond
processing industry employs more than 3000 workers in Armenia
Low labor costs!
HOURLY COMPENSATION COST (USD/HOUR) IN MANUFACTURING IN 2016, ARMENIA
COMPARED WITH THOSE OF TOP JEWELRY AND PRECIOUS METALS, PRECIOUS STONES EXPORTERS
60.4$
Switzerland
Belgium
47.3$
39$
USA
38.2$
Australia
30.1$
Canada
28.4$
UK
Singapore
26.8$
4.5$
China
Armenia
India*
2$
1.7$
Average 30.7$
3
Source: The Conference Board & National Bureau of Statistics
*Latest available data