Recently published statistics by Armenia's Economics Ministry reveal that the country exported significantly fewer polished diamonds in the first nine months of the calendar year than it did during the same time period a year previous, Diamond Intelligence reports.



Between January and September 2012, 104,300 carats of polished diamonds were exported from Armenia, which amounted to a 61.5% decrease year-over-year. These 104,300 carats brought in $57.8 million in revenue, a 33% drop from the $85.9 million in revenue that came in during the first three quarters of 2011.



Armenia's most important clients for polished diamonds are in Europe, Russia and United States. Half of the rough diamonds the company imports are from the Russian state-owned diamond company Alrosa, Diamond Intelligence reports.



To account for the significant reduction in sales, Armenia's Economics Ministry pointed a finger at the meager demand for diamonds at present, a worldwide phenomenon.