Armenia has decided to establish a new diamond and fine jewelry bourse in an effort to make the country a focal point for diamond and jewelry traders from all over the world, the Armenian Finance Ministry said.

The new diamond and fine jewelry bourse, which will be operated by the private sector and the government, will be built in a free-trade zone at the Zvartnots airport and will include trade in raw and polished diamonds, as well as jewelry.

The plans to open a diamond bourse in Armenia were introduced in order to boost the country's exports, mainly due to the global financial crisis that harms the diamond industry.

Diamond exports make up 35% of Armenia's exports, but during the first quarter of 2009, exports dropped by 33.7%. In addition, production of polished in Armenia dropped by 45.4% during the quarter compared to the same quarter the previous year.