Putin signs law establishing common Russia-Belarus precious metals market

Russia completes ratification

Russian President Vladimir Putin has signed a law ratifying an intergovernmental agreement with Belarus on cooperation in precious metals and gemstones, ONT reported, citing BELTA and the official Russian legal information portal. The measure establishes the legal basis for a common market covering gold, silver, platinum, precious stones and jewelry in the two countries.

The bilateral agreement was signed in Moscow on 19 December 2025. Russia's State Duma ratified it on 7 July, followed by approval from the Federation Council on 17 July. Belarus had already completed its domestic procedures in May. Putin's signature completes the Russian ratification process and moves the two governments closer to applying the agreed market rules.

Border controls and hallmarking to be simplified

The central objective is to permit the free circulation of covered valuables between Russia and Belarus. Under the agreement, qualifying products may cross the bilateral border without additional state control or repeat hallmarking. The change is intended to remove duplicated procedures that can add time and compliance costs for refiners, jewelry manufacturers, wholesalers and retailers operating across the two markets.

The agreement also introduces common technical requirements for fineness standards, hallmarking methods and the composition of materials used in covered products. These rules are particularly relevant to jewelry and precious-metal items, where recognized assay results and hallmarks determine whether goods can legally enter distribution channels. Mutual acceptance should make it easier for companies to supply both markets using a single set of specifications.

The practical effect will depend on implementation by regulators. The agreement provides for coordination between the state authorities responsible for supervising precious metals, gemstones and jewelry. That cooperation will need to ensure that the removal of repeat checks does not create gaps in traceability or differences in enforcement between the two jurisdictions.

National tracking systems will be connected

Russia and Belarus plan to create a shared information environment for monitoring the movement of jewelry. This will be done by integrating Belarus's GIS Electronic Sign system with Russia's GIIS DMDK, the state information system used for oversight of precious metals and gemstones. The connection is designed to preserve digital traceability as physical border procedures are simplified.

For market participants, system interoperability will be a key operational issue. Producers and traders may benefit from fewer repeated registrations and inspections, but they will still have to meet the common data, hallmarking and material requirements. Businesses will therefore need clarity on when the integrated system becomes operational, which product records will be exchanged and how errors or discrepancies will be handled.

The initiative represents a policy shift in the regional precious-metals market rather than an immediate change in production volumes or international prices. The source material does not specify an implementation date, transition period or expected value of bilateral trade under the new framework. It also does not describe changes to trade with countries outside Russia and Belarus. The direct effects are consequently concentrated on companies moving precious metals, gemstones and finished jewelry between the two countries.

Common rules may widen commercial access

A unified regime can broaden commercial access by allowing manufacturers, processors and jewelry sellers to treat Russia and Belarus more like a single regulated market for covered goods. Russian suppliers could face fewer procedural barriers when serving Belarusian customers, while Belarusian companies could gain simpler access to the larger Russian market.

The removal of duplicate control and hallmarking does not eliminate regulatory oversight. Instead, the agreement shifts the emphasis toward coordinated supervision, common technical standards and linked digital records. Its commercial significance will ultimately depend on detailed implementation and whether companies can use the new procedures without additional administrative steps at national level.