The Russian jewellery retailers will soon get the opportunity to conduct online sales legally. Ministry of Finance is reported to have developed amendments to the law On Precious Metals and Gemstones, which release sellers from the obligation to conduct transportation of valuables with armed escort and special transport, Russian Jewellery Network reported citing RBK Daily. Should the amendments be passed – jewellers undertake to expand their online sales rapidly.
At present time, article 29, paragraph 3 of the law On Precious Metals and Gemstones stipulates transportation of jewellery to be conducted by special transport with armed escort.
“It is absolutely non viable to send a ring with armed escort, moreover online purchases are usually not expensive,” – CEO of Nashe Zoloto company Vadim Bokov told RBC Daily.
“Given hiring of cash-in-transit van and salary of security officer for delivery of a jewellery item worth 2,000-3,000 rubles is not profitable but rather loss making,” – said Vlada Baranova, PR Manager of Adamas jewellery chain.
One of the points of a recent legislative initiative of Finance Ministry provides for release of jewellers and retailers from this requirement in handling jewellery items, and press office of the ministry confirmed this information to RBK, having mailed the text of draft amendments.
Majority of large and established jewellery sellers in Russia operate quasi- online stores which run as a kind of online shop-windows. Consumers may view the goods offered by retailers and make orders but shall pick them up at the store locations.
Baranova added that following removal of restrictions her company will be eager to invest $2.5-3 million to development of its online sales. Expected growth of sales aft3er the launch of online store estimated at about 20%.
President of Jewellery House Estet Gagik Gevorkyan also disclosed his plans to open an online store and drive share of online sales in the aggregate company’s sales to 10% in midterm.
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