The National Geological Survey Company (NGSC) launches operations on the secondary precious metals and stones market
The National Geological Survey Company (NGSC) launches operations on the secondary precious metals and stones market. The company has obtained necessary certification from the Assay Chamber and the State Depository for Precious Metals and a package of authorizations from the Federal Financial Monitoring Service.
Before the start of operations, the company, together with legal and financial consultants, had developed a model of deals with precious metals scrap. As a result of a preliminary analysis, the NGSC has accepted a scheme of gold turnover, which includes purchasing gold-containing jewelry of low quality and no artistic value at auctions and pawn shops. Pawn shops own the jewelry after failures of lending deals. The jewelry will be further sent to be recast into gold ingots with a finesse of 999.9. The ingots are deposited in a bank and are sold to investors.
“The current economic situation with its currency volatility and financial markets instability demands new, more stable payment instruments,” said NGSC General Director Igor Yefremov. “Minted bars made and marked by Russian refineries in accordance with current state standards, with certificates and tickets from producing factories are the most convenient and stable means of making and fixing payments.” Minted bars with the weight of 1, 5, 10, 20, 50, 100, 250, 500, 1 000 grams are most convenient for making payments with the help of gold. NGSC General Director Igor Yefremov noted that “the scheme worked out by the National Geologic and Survey Company will create conditions for dissemination of a legal and transparent way of precious metals turnover which will lead to the disappearance of the shadow market.”
