On the ratification of the Agreement on the specifics of carrying out operations with precious metals and stones within the EAEU
The bill “On ratification of the Agreement on the specifics of operations with precious metals and precious stones within the Eurasian Economic Union” was presented today by Beibut Atamkulov, the Minister of Industry and Infrastructure Development for consideration by the Mazhilis of the Parliament of the Republic of Kazakhstan.
The agreement is aimed at the formation of mutually beneficial trade and economic mechanisms aimed at creating competitive advantages for the member states of the Eurasian Economic Union, creating conditions for the free circulation of precious metals and stones within the Union, as well as interaction to develop effective measures in this area.
The agreement consists of 18 articles and regulates:
– execution of transactions with precious metals, unprocessed precious stones;
– movement of rough natural diamonds between member states in accordance with the requirements of the Kimberley Process;
– making transactions and determining the classification and cost characteristics of precious stones;
– collection and mandatory accounting of scrap and waste generated by legal entities and individual entrepreneurs;
– testing, analysis, and branding of jewelry and other products imported or produced within the EAEU;
– exchange of information on legislative and other normative legal acts and samples of impressions of assay marks between authorized bodies;
– application of measures of responsibility for illegal traffic in precious metals and precious stones.
In particular, the Agreement establishes the mutual recognition of the assay marks of the EAEU member states in the mutual trade in jewelry. If a piece of jewelry is made and tested on the territory of Kazakhstan, then when this item is sold in the member states of the Union, re-testing will not be required.
Also, the Agreement recognizes the requirements of national and interstate quality standards, and enshrines the priority right of the participating States to purchase gold produced in the country.
In general, the norms of this Agreement allow keeping a complete record of transactions with precious metals and stones in the territory of the EAEU countries and counteracting corruption.
An agreement on the specifics of carrying out operations with precious metals and precious stones within the framework of the Eurasian Economic Union was signed by the EAEU member states in Moscow on November 22, 2019.
To date, the procedures for the entry into force of the Agreement have been completed by the Republic of Belarus and the Russian Federation. The project is under consideration in the Parliaments of the Republic of Armenia and the Kyrgyz Republic.
For reference:
The Kimberley Process brings together 82 countries. The organization was founded in 2003 in the framework of the fight against illegally mined precious stones, the so-called “blood diamonds”, the proceeds of which are used to finance regional conflicts and terrorist groups.
A country participating in the Kimberley Process ensures that no consignment of rough diamonds will be imported or exported to a non-party.
All EAEU member states are members of the Kimberley Process.