Russia’s finance ministry has issued regulations governing how cutting-and-polishing enterprises will receive raw materials. The order, signed by Anton Siluanov, takes effect March 1, 2027, and will remain in force for six years. On that same date, an export duty will come into effect on rough and partially processed stones weighing between 0.45 and 10.8 carats. The cluster itself, spanning the two regions, is set to open in March.
The key organization in the new scheme is Almazyuvelirexport. The authorized operator will act as an intermediary between mining companies and cutters. Cluster participants will submit monthly applications broken down by size-and-weight categories. Mining companies, in turn, will allocate stones according to these requests and organize viewings.
The main requirement for cutters is to complete processing within six months. All acquired stones must be processed within this timeframe. If this condition isn’t met, unsorted diamonds go to Almazyuvelirexport and are sold at auction.
Two categories of stones are excluded from the procedure. Especially large stones of 10.8 carats or more do not participate in the viewings. Also excluded are batches where the mining company sells the entire extracted volume through auction.
Yakutia’s head, Aisen Nikolaev, confirmed at the Eastern Economic Forum that the cluster’s launch is planned for March. He also explained why the introduction of the duty was postponed by six months — citing weak global diamond market conditions and low stone prices. According to him, the delay was justified.
The new scheme is designed to bring cutting and polishing back into the country and provide work for domestic producers. Strict processing deadlines and the export levy are meant to discourage exporting raw stones. The stress test for this model will begin in spring 2027.
Source: RIA Novosti
Image: Sputnik / Alexander Kryazhev
