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N e w s
FEBRUARY 22
Authorities to Prepare the Diamond Market Reformation
The most sensational bill of President Putin "On the order of importing and exporting of uncut natural diamonds" According to this bill the current order will lose its power on January 1, 2002 together with the Decree #740 of July 28, 1997. If this bill is supported serious changes are to follow. New order is a miles away from previous orders. One-track system of diamond exporting through ALROSA will be eliminated. ALROSA now can sell its own diamonds as well as ones of Gokhran and State funds. After the bill ALROSA will sell its own gemstones, the rest would be sold by MinFin department - Almazjuvelirexport company. It will also be able to export the gemstones from the extractors property.
In other words, we are facing market liberalization. But the State will have the control over the market and ruin ALROSA's monopoly. Now among the extractors one can name ALROSA and a small enterprize in Permskaya oblast that mines 1% of total diamond outcome of Russia. All the subjects will tied with quotas - but not only for a year period as it is now but of 5 years. Quotas will be given not only to the extractors and Almazjuvelirexport but the cutting enterprizes
Source: RBC
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