Belarus and Russia Sign Agreement to Create Common Jewelry Market

Belarus and Russia have signed an intergovernmental agreement on cooperation in the sphere of activities involving precious metals, precious stones, and products made from them. This was reported by the press service of Russia’s Ministry of Finance. The agreement was signed by Deputy Finance Ministers of Belarus and Russia Aliaksandr Sudnik and Alexey Moiseev. Its implementation is expected to result in the creation of a common jewelry market.

The document provides for the mutual recognition of state assay hallmarks applied to jewelry and other products made of precious metals, as well as the mutual recognition of the marking of such products. Jewelry bearing an assay hallmark and marking of one country will not be subject to mandatory additional hallmarking and marking in the other. This will be ensured through the integration of Russia’s information system for precious metals and stones circulation and Belarus’s “Electronic Mark” information system.

“We are carrying out systematic work to strengthen trade and economic cooperation between our countries. The signed Agreement creates favorable conditions for cross-border trade in jewelry. It will help facilitate the work of economic entities in the sale of jewelry products. The implementation of the Agreement will ensure mutual recognition of state assay hallmarks and identification tools,” Aliaksandr Sudnik said.

“The creation of a common jewelry market between the Russian Federation and the Republic of Belarus is a historic event. The level of mutual trust, cooperation, as well as the integration of our systems for controlling the circulation of precious metals and precious stones, shows that we can ensure the protection of Russian and Belarusian producers and consumers within the framework of full integration and mutual penetration of goods from our countries,” Alexey Moiseev noted.

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