N e w s

The loss from the unregulated export issues for precious stones and metals in Russia is estimated at hundreds millions of dollars. This was reported by the chairman of the Russian Gold Producers Association Valery Brajko at today's second international conference "Gold-2000". He said that in 1999 the Finance Ministry of Russia failed to carry out the Government commission on preparing a presidential decree "On Import and Export of Precious Metals and Stones in Russia". Consequently, these metals and items made of them were not being exported. The losses can be estimated at hundreds of millions dollars for commodity producers and about $300-$400 million for the budget and non-budget funds, said V. Brajko. Thus, according to the data of Norilsk Nickel company, the inability to operate export transactions with platinum and metals of platinum family, with the exception of palladium, brought about a $400 million loss for the company and $130-$150 m for budgets. Thus, said V. Brajko, despite the chance to increase production volume of precious metal jewellry and the favorable world price situation, the commodity producers have suffered financial loss and lost their position at the world market.

Source: RBC