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Russia, Belarus to launch online jewellery marketplace in March 2024

The Finance Ministries of the Russian Federation and Belarus, together with the Digital Initiatives Fund of the Eurasian Development Bank (EDB FCI), will launch a jewelry marketplace in March 2024. Yulia Goncharenko, Director of the Department of State Regulation of the Precious Metals and Stones Industry of the RF Ministry of Finance, told Izvestia about this. Work on the project began in January 2023.

With the help of this online platform, entrepreneurs from the EAEU will be able to sell jewelry to other countries without significant administrative costs, Yulia Goncharenko added.

Companies from the Russian Federation and Belarus will participate in the pilot at the initial stage, Izvestia was told at the FCI EDB. They added that as the platform develops, the number of participants will increase, now negotiations are underway with Kyrgyzstan.

“Among the priority countries in terms of logistics conditions, growth prospects for business, consumer interest, and digital integration are the UAE, Vietnam, Thailand and China. We are also working on possible changes to the legislation to simplify the export of jewelry,” said Yulia Goncharenko.

Today, the Russian Federation accounts for 30% of the world's diamond production, and the country ranks second or third in gold production. However, the total share of jewelry from the countries of the Eurasian Union in the world market is less than 1%, the representative of the Ministry of Finance emphasized.

According to her, the marketplace will increase the recognition of Russian jewelry among other countries.

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