The countries participating in the Eurasian Economic Union (EAEU) can sign agreements on the mutual recognition of assay marks on jewelry in the territory of the Eurasian Economic Union and the creation of the Eurasian Jewelry Bureau, Izvestia reported referring to a source in the Eurasian Economic Commission (EEC).
According to the publication, the agreement on the specifics of operations with precious metals and precious stones within the EAEU will be signed in Moscow on October 25 between the heads of government of the EAEU countries. First of all, the agreement implies the mutual recognition of assay marks on jewelry. This will ensure the free circulation of jewelry throughout the EAEU, as well as harmonize legal regulation in the jewelry sector. Finally, we are talking about the unification of the state assay control to stop the circulation of fake jewelry.
“Business has long and actively raised the issue of mutual recognition of assay brands, since the need to obtain samples in other EAEU countries also led to transaction costs in mutual trade. With this agreement, the business will save time and money by eliminating the additional re-branding of jewelry. And this will create good conditions for increasing the volume of trade in the EAEU and export to foreign markets," Almazbek Azimov, Deputy Minister of Finance of Kyrgyzstan said.
The second document will be a plan to promote jewelry products manufactured in the EAEU on the markets of third countries. One of the key points of the plan is the creation of the Eurasian Export Jewelry Bureau. According to the estimates, with the help of the Eurasian brand, the volume of jewelry exports will grow to $ 1.3 billion.
“It is quite advisable for the EAEU to launch its own large-scale project in the jewelry industry, which would allow creating Eurasian brands and positioning the EAEU on a global scale,” Tigran Sargsyan, cheir of EEC noted.