YEREVAN–Two Diaspora Armenian Businessmen and the Yerevan Jewelry plant expect their recently established "Armengold" joint venture to create jobs and expand jewelry manufacturing in Armenia.
The initial investment of $1 million form the investors is expected to increase to $10 million over the next several years and help create 2,000 jobs. Approximately 500 people are employed at the present time at the Yerevan Jewelry Plant.
According to Kitsinian–the "Armengold" joint venture will increase the manufacturing capacity by modernizing the plant in Yerevan and opening smaller factories in Gumri–Spitak–Charentsavan–Meghri and Artsakh. "The addition of these factories will contribute to the improvement of economic and social life of these regions," observed Kitsinian.
"This expansion in manufacturing capacity will lead to the need foe as many as 2,000 employees," remarked Kitsinian–who owns and operates a jewelry factory in Los Angeles.
Prime Minister of Armenia Armen Darbinian met with Kitsinian–Momjian and the President of the Yerevan jewelry Plant Emil Grigorian on November 18 to ratify the joint venture and congratulate them on taking this major step to create additional jobs and expand the export of Armenian manufactured jewelry products to international markets.
On November 19–the newly appointed Minister of Trade and industry Hayg Gevorgian joined Kitsinian and Momjian to view the first samples produced by "Armengold." The first gold chain produced by "Armengold" was presented to Miss Armenian 1998 Kohar Haroutunian.
The joint venture will also develop new distribution channels and markets for jewelry items manufactured by "Armengold" in Armenia. Although the traditional markets will continue to be the CIS countries and Eastern Europe–the joint venture members from the United States and Israel will introduce "Armengold" products to international markets.
The joint venture provides 55 percent of the ownership to the two members form the United States and Israel and the remaining 45 percent of the ownership is vested with the government owned Yerevan Jewelry Plant.