Armenia’s Trade Turnover Plummets

Armenia’s foreign trade turnover experienced a staggering 53% drop in the first four months of 2025, largely attributed to a sharp decline in the import and export of gemstones and precious metals, particularly diamonds and gold.

For this period, Armenia’s total trade volume was reported at $6.3 billion, according to data from Arminfo News Agency. This figure signifies a notable decline compared to the previous year. Last year, in the same timeframe, the trade turnover had reached—well, it was around $13.5 billion. A big chunk of this decline comes from the falling numbers in gemstones and precious metals.

During the first four months of 2025, Armenia imported about $740 million of gems and precious metals, while exports stood at $863 million. Just for context, the total figures for 2024 were approximately $7.4 billion in imports and around $8 billion in exports. The overall annual trade turnover for Armenia was reported to be $30.2 billion.

Analysts point to the alterations in Russian tariff policies within the Eurasian Economic Union as a key driver behind this dramatic shift in Armenia’s trading landscape.

Interestingly, it seems Armenia has mostly acted as a transit point for these precious goods. The trade doesn’t add much value domestically, as the country mainly imports raw materials—like diamonds and gold—just to export them with minimal processing. This dynamic not only supports Armenia’s trade figures but also allows Russia to generate revenue while dodging sanctions.

This trade pattern around gems and precious metals has been evolving since 2022, coinciding with Russia’s military aggression against Ukraine. In recent years, Armenia has largely re-exported the overwhelming majority of these imported jewels and metals to markets such as the United Arab Emirates and Hong Kong.