Belarusian MPs ratify agreement with Russia on common jewelry market

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MINSK, 7 May (BelTA) - Belarusian MPs ratified an agreement between the governments of Belarus and Russia on cooperation in the field of precious metals, precious stones, and jewelry made of them on 7 May, BelTA has learned.

“Once the agreement enters into force, businesses in the Union State will be able to cut costs and, consequently, lower prices for consumers. The two countries will also work together to combat illegal turnover of precious metals”, the Standing Commission on Budget and Finance of the House of Representatives noted.

Member of the Standing Commission Natalya Kuleshova told reporters that the intergovernmental agreement, signed in Moscow on 19 December 2025, was designed to create a common jewelry market for Russia and Belarus.

“The goal of the agreement is to establish a common jewelry market between Belarus and Russia, allowing for the free circulation of jewelry in both countries,” she said.

The agreement provides for mutual recognition of state assay marks applied to jewelry and other items made of precious metals, as well as mutual recognition of the labeling of such items. Jewelry that has been assayed and labeled in one country will not be subject to mandatory additional assaying or labeling when moved to the territory of the other country.

Mutual recognition of jewelry labeling and assay marks will be achieved through the integration of the two countries’ information systems. The finance ministries of Belarus and Russia will act as coordinators of these systems.

“Under the agreement, the mark applied by the manufacturer in the country of origin will be recognized in both countries. No duplication is required,” she explained.

The Standing Commission of the House of Representatives expressed confidence that ratifying the agreement will reduce the time businesses need to move jewelry across borders, which will undoubtedly bring tangible results for participants in the precious metals and precious stones market.