Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Ministry of Finance plans to launch a jewellery trading platform in March 2024

21 july 2023

The Ministry of Finance of the Russian Federation plans to launch an online jewellery trading platform in March 2024, which will be an industry-specific marketplace, TASS reports.

Its model is planned to be tested during 2023-2024 with a possible implementation on other markets.

"The digital platform will be launched in 2024 and will be an industry-specific marketplace where buyers will be able to find the goods they need without going to the store's website, compare prices and make a choice of the product they like and, most importantly, receive goods in a short time and with a guarantee. In turn, for manufacturers, such a marketplace will become an opportunity to sell their goods without significant investments at the start," the ministry's press service noted.

"During 2023-2024, there are plans to test the model, examine the improved industry processes and technical solutions of the jewellery marketplace for digital trade."

At the current stage, the possibility of piloting solutions in third countries is also being analysed, external markets for piloting are determined taking into account digital opportunities and the availability of foreign partners to enter the market, the Ministry of Finance noted. "Among the priority countries in terms of business growth prospects for industry participants, logistics conditions, the potential for integrating digital mechanisms, consumer interest are the UAE, Vietnam, Thailand, China and others."

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished