Armenia’s Growing Re-exports: Gold, Diamonds, Mobile Phones Top the List

By Seda Hergnyan

Hetq.am

Armenia exported an unprecedented 29.1 tons (US$1.8 billion) of semi-finished and unprocessed gold in 2023.

This is 4.4 times more than in 2022.

We’re talking about raw gold Armenia imported from Russia and then exported to the UAE.

Diamonds were Armenia’s second largest export ($593 million) in 2023. Here too, most of the diamonds were imported from Russia and then exported, unfinished, globally.

Armenian, Russian and Arab businessmen are involved in this business.

Since 2022, Armenia has also become a transit route for mobile phones, various household appliances and cars manufactured by European, American and other countries destined for Russia.

This is due to Western sanctions imposed on Russia after it invaded Ukraine.

In 2023, 1.7 million mobile phones (telephone devices for mobile networks or other communications) totally $535 million were exported from Armenia.

Compared to the previous year, both the quantity and value have doubled. They are mainly imported from Vietnam and exported to Russia. As a result of these re-exports, some of the companies engaged in trading in Armenia have shot up in the list of the country’s largest taxpayers.

In 2023, jewelry, automobiles, copper, tobacco, brandy, ferromolybdenum (iron alloy) and television are among the top ten exports of Armenia.