The main factor determining the current state of the diamond market is the global financial crisis. The situation on the leading financial and stock exchanges is still fairly dramatic. The labour markets in the US, Europe and Japan are also not in the best shape. Under these circumstances the availability of credit for diamond market players has declined drastically.
Alexander Matveyev, Member of the Federation Council of the Russian Federal Assembly, First Deputy Chairman of the Federation Council Committee on Northern Territories and Indigenous Minorities, Mining Engineer, Academician of the Russian Engineering Academy, Doctor of Economic Sciences, Professor, worked as Chief of Industry Department of the Yakutsk Region Committee of the CPSU, Chairman of the Yakutia Planning Committee, Vice-President and First Vice-President of ALROSA.
Valery Vladimirovich Rudakov – chairman of the Board of Directors of CJSC Polyus, chairman of the Committee for precious metals and precious stones of the Chamber of Commerce and Industry of the Russian Federation. In 1999-2002 - Deputy Minister of Finance of the Russian Federation and head of the State Repository for Precious Metals.Myanmar is planning an auction of precious gems in October, according to Agence France Presse, RAPAPORT reported.
An official from the Myanmar Gems Enterprise told AFP the sales would be based upon a competitive bidding system. Jade, pearls and precious gems will be among the lots on sale, he added.
The auction would be the first in Myanmar since President George W. Bush signed legislation in July to ban the import of rubies and jade from there into the United States in protest of the Myanmar military government’s human rights violations. The Jewelers of America (JA) supported the legislation and was backed by major retailers such as Tiffany`s and Bulgari.
Myanmar relies on its precious gems trade as a key source of revenue and continues to sell to neighboring China and Thailand. Previous auctions in June and March raised more than $100 million each for the government.
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