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. Last Updated: 07/27/2016

New Gem Trade Body

MOSCOW -- The Russian State Reserve is planning to set up a new federal agency to regulate the precious metals and gems market, Deputy Finance Minister German Kuznetsov was qoted as saying Tuesday by Izvestia.

The agency will not take powers away from existing bodies in the sector, said Kuznetsov, who heads the State Reserve.

However, the agency will establish clear rules, help improve relevant legislation, issue licenses, set mining quotas, monitor environmental measures and increase geological prospecting.