Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

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

The sale of digital gold to be launched In Russia

15 november 2023

The first digital rights to gold in Russia were launched by Rosbank together with the operator of digital financial assets Atomize.

The volume of the pilot issue amounted to 170,000 rubles with a circulation period of three months.

According to the press service of the operator, the investor purchases digital gold at a discount of 2% to the current market value, determined on the basis of the Moscow Stock Exchange indicator. Upon repayment, the buyer receives the full current value of the precious metal or an ingot from the bank's vault. It is noted that the bars are stored during the circulation period and are redeemed in case of repayment in money.

Gold bars are provided by Rosbank, which purchases them from miners with payment in advance in the amount of their full value. At the same time, Rosbank manages the credit risk when paying miners in advance, and the interest rate included in the advance payment allows the issuing bank to sell bullion to investors at a discount.

"For the first time in the history of the Russian financial market, an investor will be able to receive gold bars upon repayment. This is a win-win product that is of interest to gold mining companies, issuing banks, and investors. Although this release is a pilot project, with scaling it up, I am sure that the final product will be in high demand. Perhaps this issue will be a turning point in the history of digital financial assets," commented Natalia Voyevodina, Chairman of the Board of Rosbank.

Alex Shishlo for Rough&Polished