Russia and Belarus are planning to start an online jewelery trade in March 2024.

The Russian Federation and Belarus’ Finance Ministries, in collaboration with the Eurasian Development Bank’s Digital Initiatives Fund (EDB FCI), will create a jewellery marketplace in March 2024. Yulia Goncharenko, Director of the RF Ministry of Finance’s Department of State Regulation of the Precious Metals and Stones Industry, confirmed this to Izvestia. The project started in January 2023.

Yulia Goncharenko noted that with the help of this internet platform, EAEU enterprises will be able to sell jewellery to other nations without incurring major administrative expenditures.

Companies from the Russian Federation and Belarus will take part in the pilot from the start, according to Izvestia‘s source at the FCI EDB. They further stated that as the platform grows, the number of participants will grow, and that negotiations with Kyrgyzstan are already underway.

“The UAE, Vietnam, Thailand, and China are among the priority countries in terms of logistics conditions, business growth prospects, consumer interest, and digital integration.” “We are also working on possible legislative changes to simplify jewellery export,” Yulia Goncharenko added.

Today, the Russian Federation produces 30% of the world’s diamonds and ranks second or third in gold output. However, the entire proportion of jewellery from Eurasian Union countries in the global market is less than 1%, according to a spokeswoman from the Ministry of Finance.

According to her, the marketplace will raise Russian jewelry’s profile in other nations.

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