Russia's Finance Ministry to Launch Jewelry Platform
August 01, 23
(IDEX Online) - Russia's finance ministry is to launch an online platform for jewelry sales as it aims to increase exports to Asia and beyond.
It's designed to open up new markets for manufacturers, minimize their administrative costs and reduce the number of fakes, according to a report in the Russian newspaper Izvestia.
Russia and fellow members of the Eurasian Economic Union (EAEU) - Belarus, Kazakhstan, Kyrgyzstan, and Armenia - currently account for less than one per cent of global jewelry sales.
Total production last year (excluding Belarus) was $1.64bn, across 6,000 jewelry enterprises.
Vietnam, Thailand, China and EAEU countries are priority targets for the new platform, according to Yulia Goncharenko, Director of the Department of State Regulation of the Precious Metals and Stones Industry.
"On this specialized online platform, the buyer will be able to find the product he needs without going to the store's website, compare prices and make a choice, and then receive the product in a short time," he said.
"Such a platform will allow manufacturers to sell their products without significant investments at the start."
The platform is due to launch in March 2024.
File pic shows jewelry manufacture in Moscow