N e w s

According to "Izvestia", almost every company in this industry that belongs to the state, soon will become stock-shared companies, and then will be presented for sale at the auction. Companies themselves do not seem to be particularly enthusiastic about the proposed changes.

Precious metals and gemstone industry in Russia has always been a closed source. The official data on its resources still remains in possession of selected state officials only. However, no official Decree has yet been issued, as it still undergoes various inter-departmental procedures, but all the potential buyers of the companies had been orally informed. Officially the changes will only take place when the appropriate Decree will be issued by the government for the Ministry of Property, which should receive recommendations from the Department of Precious Metals and Gemstones of the Ministry of Finance.

In the meantime there are two state establishments which will be allowed to keep their present status. These are "Almazjewellerexport" (belonging and administrated by the Ministry of Finance) and the Kaliningrad Amber Processing Plant.

This is due to the fact that all import and export of precious metals and gemstones in Russia is being carried out through "Almazjewellerexport". Even The Russian State Treasury "GOKRAN" sells its diamonds abroad through this particular establishment. Regarding the amber plant in Kaliningrad, its status will remain due to its location in special economic zone, where the custom rules are differ from the rest of the territory f the Russian Federation.