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Wednesday, 27th December 2006 (4197 views)

Jewellers in Russia are applying pressure to their government over the need to impose export duty if gold prices rise higher than $700 (£356) per ounce.

The Jeweller's Guild of Russia is drafting a proposal for the Economic Development and Trade Industry of Russia which suggests the imposition of this export duty.

It believes that the proposals will better enable the country's jewellers to compete with international gold prices.

The jewellery industry within Russia is the country's biggest gold consumer and these new rules would remove customs duties for incoming gold and therefore aid jewellery production in Russia.

Earlier this week Hugo Boss, an upmarket clothing label, indicated that it intends to launch a jewellery collection due to the fast moving Russian economy which underpins much of Hugo Boss's clothing sales.

The company expects to grow by 25 per cent within the country during 2007 and a jewellery line is expected to consolidate this speedy growth.

 

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