OREANDA-NEWS  The finance Ministries of the Russian Federation and Belarus, together with the Digital Initiatives Fund of the Eurasian Development Bank (EDB FCI), will launch a jewelry marketplace in March 2024. This was reported to Izvestia by Yulia Goncharenko, Director of the Department of State Regulation of the Precious Metals and Stones Industry of the Ministry of Finance of the Russian Federation. Work on the project began in January 2023. With the help of this online platform, entrepreneurs from the EAEU will be able to sell jewelry to other countries without significant administrative costs, Yulia Goncharenko added.

Companies from Russia and Belarus will participate in the pilot at the initial stage, the EDB FCI told Izvestia. They added that as the platform develops, the number of participants will increase, now negotiations are underway with Kyrgyzstan.

"Among the priority countries in terms of logistics, growth prospects for business, consumer interest, as well as the integration of digital technologies are the UAE, Vietnam, Thailand and China. Possible amendments to the legislation to simplify the export of jewelry are also being worked out," Yulia Goncharenko said.

Today, the Russian Federation accounts for 30% of global diamond production, and the country ranks second or third in gold production. However, the cumulative share of jewelry of the Eurasian Union countries in the world market is less than 1%, the representative of the Ministry of Finance stressed.

According to her, the marketplace will increase the recognition of jewelry products in Russia among other countries.