Armenia has asked Russia for a $100 million loan in order to revive its struggling diamond industry, the Ria Novosti news agency reported.

Armenia's diamond output accounted for 40% of its exports in early 2000s.

"The request has been received, we are considering it," Konstantin Vyshkovsky, who heads the Russian Finance Ministry's state loan department, said, adding a decision on the matter would be made "within a reasonable time."

Armenian Finance Minister Tigran Davtyan, who visited Moscow last week, announced Saturday that his country will buy some $100 million worth of Russian rough diamonds. Another $20 million are expected to be spent on developing business and cooperation ties between Armenian diamond producers and Russia's largest diamond miner, Alrosa.