Armenia’s foreign trade plummeted sharply in the first four months of 2025 after Russia altered the rules governing Yerevan’s imports and exports of Russian gems and precious metals.
Data released by Arminfo on June 9 shows Armenia’s trade volume dropped to $6.3 billion during this period, a 53 percent decrease compared to the same months in 2024. This decline is mainly due to a steep fall in the import and export of diamonds, gold, and other precious metals.
From January to April 2025, Armenia imported $740 million worth of gems and precious metals, while exports reached $863 million. In contrast, Armenia’s total imports in this category for all of 2024 were $7.4 billion, with exports around $8 billion. Gems and precious metals accounted for about half of Armenia’s $30.2 billion annual trade turnover.
The change in Russian tariff policies within the Eurasian Economic Union is widely seen as the cause behind the sharp drop in Armenia’s gem and precious metals trade.
The small difference between import and export values suggests Armenia mainly acted as a transit hub, adding little value through manufacturing jewelry or related products. While this trade boosted Armenia’s overall trade figures, it also allowed Russia to earn revenue while bypassing international sanctions.
This trend began in 2022, coinciding with Russia’s invasion of Ukraine. Most Russian gems and precious metals imported by Armenia have since been re-exported to the United Arab Emirates and Hong Kong.
Related Topics