According to YASIA, the new project of the federal law “On precious metals and gemstones” was discussed at the meeting in the context of Northern Lights Exhibition, which is taking place in Yakutia.

The law was approved in 1998. It establishes legislative norms that regulate relations in the field of geological searching and precious metals and gemstones mining and processing. Now the law has made the work of mining companies a bit easier – it has weakened the State monopoly to some extent and regulates the relations of the industry subjects. However, the law needs some improvement.

In the Ministry of Industry of the Sakha Republic (Yakutia) there was a working group made for suggestions, amendments and propositions developing. It is important to assign the ownership of the subjects. In addition, Yakutia is interested in gemstones buying for cutting industry developing.