Russia's State Precious Metals and Gemstones Repository, Gokhran, sold $177.7 million (RUB 6.393 billion) in precious metals and gemstones in 2013, 94.7 percent of the budget's target for the year, the Audit Chamber said in a report on budget performance.
Sales on the domestic market came to $39.2 million (RUB 1.411 billion) and on the external market to 138.4 million (RUB 4.981 billion), Rapaport reported citing Interfax.
Overall sales came to $453 million (RUB 16.3 billion) in 2012, including $365.7 million (RUB 13.16 billion) in precious metals.
Most of Gokhran's sales consist of palladium stockpiled in Soviet times. These stockpiles are not replenished. MMC Norilsk Nickel, a major palladium producer, estimates the Gokhran exported 100,000 oz of palladium last year, 60 percent less than in 2012. This would have been worth $73.4 million (RUB 2.61 billion) at current spot prices.
The Gokhran thinks it would make sense to keep a certain amount of palladium reserves in the state fund, Gokhran head Andrei Yurin told reporters in December. He said "palladium is currently in very high demand throughout the world and demand for it is growing - this is perhaps the only item for which demand exceeds supply."
The budget states the Gokhran might sell $332.1 million (RUB 11.95 billion) in precious metals and gemstones in 2014 and $262.6 million (RUB 9.45 billion) in 2015.
It spent $105.7 million (RUB 3.803 billion) procuring precious metals and gemstones in 2013, $97.8 million (RUB 3.52 billion) on diamonds from ALROSA, compared with $276.5 million (RUB 9.95 billion) in 2012.
The budget allows the repository to spend up to $262.6 million (RUB 9.45 billion) on these procurements in 2014 and $248.7 million (RUB 8.95 billion) in 2015.
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