Russia plans to create its own precious metals exchange
The BRICS countries supported the idea of increasing turnover between the countries.
Russia has proposed to the BRICS countries to create a precious metals exchange to form fair and equitable competition based on exchange principles. As follows from the message of the Ministry of Finance, the leaders of the countries supported the declaration on increasing the turnover of precious metals between the countries of the association on the basis of common product quality standards.
"The mechanism will include the creation of instruments for price indicators for metals, standards for the production and trade of bullion, accreditation of market participants, clearing and auditing within the BRICS countries, and the participating countries will have a reliable way of stable exchange trading within the Association," commented Finance Minister Anton Siluanov.
In addition, the BRICS leaders welcomed the creation of an informal dialogue platform for cooperation in the diamond industry with the participation of African diamond producing countries in order to ensure free trade in diamonds based on the KP Certification Scheme (KPCS) and create conditions for sustainable development of the industry.
"We are talking about such areas of cooperation as creating added value in supply chains, supporting specific diamond marketing programs in the BRICS markets, and sharing best practices. In addition, it is important for us to ensure uniform standards for responsible diamond mining and trade," Anton Siluanov said.
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