Carrazana, 18, won this afternoon's first final by a score of 17-14 over his older Mongolian opponent in what was an excellent contest.
Nyambayar, 20, enjoyed the lion's share of support but Carrazana edged the opening round 6-5 and after a level second, was awarded the third 7-5.
Kazakhstan's Serik Sapiyev claimed the Welter Weight crown with a 17-9 win over Great Britain's Fred Evans.
European champion Evans overcame world champion and world number one Taras Shelestyuk in the semi-final to set up a final showdown with Sapiyev.
However, he was unable to make an impression against Sapiyev, who controlled the bout and won every round.