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Tuesday, 20th December 2005 (4450 views)

Golden start for Armenian exchange

The Armenian raw material and commodity exchange has sold 40 kg of gold bullions since October.


The exchange won the ability to trade a mere two months ago, so many interpret the figures as illustrating the success of the enterprise.


The gold bars currently used for trading weigh between 11 and 13 kg and are provided by a branch of Russian Unibank.


According to Karen Yeghiazarian, head of the exchange, demand now exceeds supply with prices rising from 7,066 drams per gram to 7,796 drams in November.


The Armenian gold industry has recently undergone changes in order to encourage growth and revitalisation.


Global Gold America joined with Armgold, the Armenian state gold enterprise to construct a reprocessing plant in the late nineties.


Following the success of the plant, the company joined with Harmony, to boost their international profile.

 

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