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Russia scraps export quotas on gems

Russia scraps export quotas on gems

MOSCOW: Russia had scrapped export quotas on precious metals and diamonds, the Kremlin’s press service said at the weekend. President Vladimir Putin signed a decree allowing unlimited exports of most uncut diamonds, platinum group metals, and other precious metals and ores.

Exports will still, however, require a licence from the ministry of economic development and trade. Previously, Russia set long-term quotas of precious metals and uncut diamonds. This was mainly to accommodate exports from the country’s biggest palladium and platinum producer, Norilsk Nickel.