23 / October / 2019

Fancy jewelry company to invest 90 million drams in expansion of output

The Fancy jewelry company will invest 90 million drams in the expansion of production, Armenian minister of economic development and investment Suren Karayan said at a government meeting on Thursday.

The government provided today the company with customs payments benefits in connection with the import of technological equipment and raw materials.

"The company plans to increase production by means of investments to 200 million drams a year and sell 190 million drams worth goods across the Eurasian Economic Union," Karayan said.

The minister said also the company has 34 employees now with an average salary of 85,000 drams. After the implementation of the investment program the company will hire 21 more workers.

In late 2015 the company received permission to operate on the territory of Meridian free economic zone for a period of 9 years. The company was expected to invest a total of $14.5 million within 10 years.


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