Digital trade. Jewelry

2021: Creating a marketplace

In early December 2021, it became known that the Ministry of Finance of the Russian Federation is creating a marketplace for the export of jewelry. We are talking about the project "Digital Trade. Jewelry, "which is sold jointly with the Belarusian Ministry of Finance.

According to Vedomosti, citing a letter from Deputy Finance Minister Alexei Moiseev to Tigran Sargsyan, Deputy Chairman of the Board of the Eurasian Development Bank (EDB), the project involves the creation of IT infrastructure, including through the resources of the EDB Digital Initiatives Fund. The representative of the fund in a conversation with the publication noted that the site will be designed for segment b2c with the possibility of delivery to the buyer's door.

The Ministry of Finance of the Russian Federation creates a marketplace for the export of jewelry

Market participants interviewed by the publication positively assess the idea of ​ ​ the Ministry of Finance and believe that the project can play a significant role in promoting domestic jewelry products abroad. By the end of 2021, only large players have access to the world market due to additional costs, says Eduard Utkin, general director of the Jewelers Guild. If the new marketplace takes over the functions of customs clearance, it will be a "breakthrough step," he continues.

Deputy Head of the Minister of Finance Alexei Moiseev told the publication through a representative that the volume of the Russian jewelry market is about 70 million gold products, its potential allows you to sell goods abroad.

According to Moiseev, the request for new opportunities for entering foreign markets comes from manufacturers, and in addition to increasing exports, the marketplace will help open the names of new jewelers in the Russian Federation and the EAEU and contribute to the development of the industry. The digital platform will also become one of the options for implementing the GIIS DMDK (the state integrated information system in the field of control over the turnover of precious metals and precious stones), which will collect information on all products produced in Russia, and then in Belarus. In addition, the launch of the marketplace will at least allow industry participants to optimize work with documents necessary for international trade, summed up Moiseev.^[1]

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