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EAEU works on forming common jewelry market

EAEU works on forming common jewelry market

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2/3/2021

On February 2, the Eurasian Economic Commission’s Board adopted a number of documents that will enable creating a common jewelry market across the Eurasian Economic Union space.

A review visit schedule in the Union was approved and the review group members that will perform such activities were approved.

"The accepted documents determine the list of those national assay inspections (laboratories), which work should be made aware to the public authorities of the Eurasian Economic Union countries," said Gegham Vardanyan, EEC Minister in charge of Internal Markets, Information and ICT. "It is required to ensure mutual recognition of assay marks in the Union’s internal market”.

The practice of review visits is common in the field of jewelry circulation, since this market has a difficult regulation.

As noted by the EEC Minister Gegham Vardanyan, such a mechanism for familiarizing with the work of national assay inspections provided for in the Agreement on peculiarities of operations with precious metals and stones within the Eurasian Economic Union will create a favorable atmosphere of trust between the Union countries’ regulators.

 For reference

The Agreement on peculiarities of operations with precious metals and stones within the Eurasian Economic Union dated November 22, 2019 has been already ratified by the Republic of Armenia, the Republic of Belarus, the Kyrgyz Republic and the Russian Federation.​