OREANDA-NEWS  At the Kazan summit, Russia proposed to the BRICS countries to create a precious metals exchange, which, according to the authors of the idea, will fundamentally change the principles of pricing in this conservative market.

As stated in the message of the Ministry of Finance of the Russian Federation, the declaration of the leaders of the BRICS countries adopted on Wednesday supported an increase in the turnover of precious metals between the countries of the association on the basis of common product quality standards. "The creation of a mechanism for trading metals within the BRICS countries will lead to the formation of fair and equitable competition based on exchange principles," the Ministry of Finance said in a release.

"The mechanism will include the creation of instruments for price indicators for metals, standards for the production and trade of bullion, accreditation of market participants, clearing and auditing within the BRICS countries, and the participating countries will have a reliable way of stable exchange trading within the association," said the head of the department Anton Siluanov, quoted in the message.

The BRICS Precious Metals Exchange "will become a key regulator of prices for precious metals," the Finance Ministry expects.