On November 11 the GOKHRAN of Russia organised an auction of jewellery made of precious metals and gemstones. The tenders were the failure as no jewellery was sold at the auction. Experts say that the reason is the high price of the articles. According to the auction conditions the prices may be reduced. The next auction will hold on December 15 2004.

The jewellery put up for the auction is made of gold before 1983 in Moscow, Leningrad, Kiev, Sverdlovsk, Erevan, Baku, Tbilisi, Lvov.