Russia Scraps Export Quotas On Precious Metals, Diamonds

Jan. 16, 2007
Reduced waiting for Russian exporters.

Russia has cancelled export quotas for diamonds and precious metals in a move that will slash bureaucracy for Russian producers, the finance ministry said in a statement on Jan. 16. "The cancellation of the quotas will help mining companies organize a long-term strategy for extraction and sales, strengthen their positions on the market," the statement said.

The move will also bring diamond prices in Russia into line with world market prices and "lower the market's dependency on speculative players," the statement added. In 2006, Russia exported diamonds for a total value of $1.7 billion with the main export market being the EU, followed by Israel and the United Arab Emirates.

Russia also produced a total of 165.6 tons of gold in 2006.

Previously, Russian exporters had to wait 90 days before being given a quota to export diamonds or precious metals and the procedure required permits in various government agencies, the statement said.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Global Supply Chain Readiness Report: The Pandemic and Beyond

Sept. 23, 2022
Jabil and IndustryWeek look into how manufacturers are responding to supply chain woes.

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!