Russia scraps export quotas on diamonds

MOSCOW – Russia has cancelled export quotas for diamonds and precious metals in a move that will slash bureaucracy for Russian producers, the finance ministry said in a statement on Tuesday.

“The cancellation of the quotas will help mining companies organise a long-term strategy for extraction and sales, strengthen their positions on the market,” the statement said. The move will also bring diamond prices in Russia into line with world market prices and “lower the market’s dependency on speculative players,” the statement added.In 2006, Russia exported diamonds for a total value of US$1,7 billion, with the main export market being the European Union, followed by Israel and the United Arab Emirates.Previously, Russian exporters had to wait 90 days before being given a quota to export diamonds or precious metals and the procedure required permits in various government agencies, the statement said.Nampa-AFPThe move will also bring diamond prices in Russia into line with world market prices and “lower the market’s dependency on speculative players,” the statement added.In 2006, Russia exported diamonds for a total value of US$1,7 billion, with the main export market being the European Union, followed by Israel and the United Arab Emirates.Previously, Russian exporters had to wait 90 days before being given a quota to export diamonds or precious metals and the procedure required permits in various government agencies, the statement said.Nampa-AFP