According to preliminary data, a 35% production growth is registered in the jewel and gold industry of Armenia in 2003. In money equivalent the manufactured production cost made $260 million. As Gagik Mkrtchian, chief of the department of gold and precious stones of the ministry of trade and economic development of Armenia, told Mediamax agency, large companies of the industry have already achieved the summit of their productivity. In his words, further growth of the industry will be realized by opening new enterprises. Thus, in mid-2004 a new jewelry company with 1000 employment places will be founded in Armenia.