We spend a lot of time criticising Russia for bad economic policies so it’s nice to see what looks like a sensible policy coming out of the Kremlin - they’ve scrapped the export quota on precious metals, including diamonds:
“The cancellation of the quotas will help mining companies organize a long-term strategy for extraction and sales, strengthen their positions on the market… The move will also bring diamond prices in Russia into line with world market prices and “lower the market’s dependency on speculative players,” said a Russian Finance Ministry statement.
I wonder if this affects Tim, the blogging mineral export mogul?
- What next?
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