Proposed Law Could Boost Russia’s Rough Diamond Exports

A proposed law submitted by the Russian Finance Ministry to the government for consideration might ease exports of some rough diamonds. If it becomes law, Russian companies would be allowed to export goods that are impossible or unprofitable to sell domestically.

According to Interfax, that quotes the government's website, the proposal refers to rough diamonds, as well as goods containing precious metals and platinum group metals. Currently, the export of these commodities is tightly controlled by the government. The ministry estimates that if such exports would be approved, the government could earn more than $540 million.

Among the rough diamonds expected to be exported under the proposed law would be small and low quality goods, which require cheaper labor to polish in order to make it an economically viable business. If the law is passed, India is expected to greatly benefit from the export of these diamonds.