On September 24, the Government of the Republic of Armenia approved the sale of the most illiquid valuables stored in the vaults of the State Treasury of Precious Metals and Stones supervised by the Ministry of Finance of Armenia, the ArmInfo news agency reported. The auctions will take place in 2022-2024.
Buyers will be offered rough and polished diamonds, gold, emeralds, and jewelry, the market value of which comes up to AMD 1.533 billion (over USD 3 million). The total value of the treasures kept in the country’s state reserve amounted to about AMD 2.156 billion (about USD 4.4 million) as of January 1, 2021.
To improve the efficiency of state reserves management, Armenia’s Ministry of Finance decided to keep only highly liquid precious ingots and items of high artistic value made of precious metals and precious stones, and this laid the basis for developing a plan to sell illiquid items from the country’s state reserve, ArmInfo said.
The auctions will be first conducted in the “classical” way (following the ascending price pattern), and then in the “Dutch” way (following the descending price pattern).
Vladimir Malakhov, Rough&Polished
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