Bullion flavor: Russians will find it easier to sell gold
Russians will have more opportunities to sell investment precious metals to refining organizations (they deal with the purification of materials and the manufacture of ingots). Now such companies need a license to purchase such investment instruments from individuals. However, the Ministry of Finance has prepared a draft decree (Izvestia has it), according to which the refining organization will be able to buy bars and coins without a license, but through intermediaries, for example, a pawnshop. Experts believe that such a measure will allow Russians to buy and sell their precious metals more profitably. And refining organizations will be able to minimize the cost of purchasing raw materials, which should increase the liquidity of the market and its attractiveness.
How to make money on precious metals
The authorities want to simplify the sale of investment precious metals, i.e. bars and coins, for Russians. The Ministry of Finance has developed a draft decree in which it proposes a number of measures. Thus, it will be possible to draw up documents on the quality of bullion not only in paper, but also in electronic form.
The ministry also proposed to allow refining organizations without a license to buy investment precious metals from Russians, but through intermediaries. The transaction will be carried out under a contract of assignment, commission or agency agreement. An intermediary may be a company that has a license to buy jewelry and other articles made of precious metals or stones from individuals.
- For example, a refining organization may conclude an agreement with a pawnshop. The latter will buy bullion or coins from citizens at the expense of the principal and in his interests," explained Ruslan Kuleshov, general director of the law firm "Clean Environment", a member of the council of the Moscow regional branch of "Business Russia".
As follows from the explanatory documents to the draft resolution, now in the Russian Federation there are more than 2 thousand organizations licensed to buy precious metals from the public - mainly banks and pawnshops. According to the explanatory documents, the measure will affect 12 refining organizations. However, it can change the market.
- The initiative will allow refining organizations to expand the sources of precious metals necessary for the production of measured and standard ingots. Such operations are not subject to VAT. This will lead to a reduction in the cost of production and, accordingly, the final price of bullion sales to individuals, - reported "Izvestia" in the Ministry of Finance.
In addition, refining organizations, having additional opportunities to attract working capital, will be able to invest more funds in the purchase of investment precious metals, the ministry said. This will contribute to an increase in the volume and secondary turnover, the Ministry of Finance added.
How to buy and sell gold in bullion
From the consumers' point of view, the innovation should increase the liquidity of the market, making investments in precious metals more attractive, said Mikhail Gordienko, professor of the Department of Sustainable Development Finance at Plekhanov Russian Economic University. In general, the decision may increase the volume of transactions with precious metals, he believes. And they are already becoming more and more profitable - only last year gold rose in price by 43%, almost to $2.8 thousand per ounce (about 9 thousand rubles per 1 g).
Also important is the transition to electronic document management in this area, which will reduce the time for execution of all necessary documents, reduce costs, and speed up transactions, concluded Mikhail Gordienko.
- Now each ingot is accompanied by a certificate or passport, which confirms the authenticity and characteristics of the metal, and it must be stored very carefully. And digitization will simplify and speed up processing, - said Vyacheslav Mishchenko, an expert of the Presidential Academy.
Another proposed rule, which is contained in the same document of the Ministry of Finance, is important for reducing the spread of purchase and sale, said Vladimir Zboykov, executive director of the Business Russia Committee on Precious Metals, Precious Stones, Jewelry Art and Folk Art Crafts. According to it, gold ingots up to 10 g and silver up to 100 g, as well as those stored in refineries and other companies when purchased may not be taken for re-cleaning, he noted.
- This is a rather expensive operation. The norm will significantly increase the cost of buying, - Vladimir Zboykov is sure.
In general, the proposed changes are beneficial to both market players and consumers, experts believe. They will allow refining organizations to minimize costs for the purchase of raw materials, and the public will have an additional opportunity to sell precious metals at more favorable prices, believes Associate Professor of IMEB, Faculty of Economics, RUDN Khadzhimurad Belkharoev.
The volume of the market of investment coins and bars in Russia is estimated at 80 tons, said Mikhail Khachaturyan, associate professor of the Department of Strategic and Innovative Development of the Financial University under the Government. Russians are investing in gold against the backdrop of rising gold prices.
Thanks to the development of this industry in Russia, such investments can hardly be called a luxury. Some players sell bullion from 1 g - it will cost about 10 thousand rubles. True, larger and more expensive volumes people may prefer to keep not at home, but in secure bank boxes - then there are still costs for their maintenance.
Legislative changes also stimulate Russians to choose investments in this asset. As "Izvestia" previously wrote, from September 2024 pawnshops have been able to accept investment precious metals from individuals as collateral or for storage and sale. According to Mikhail Khachaturian, the expansion of options for sale or surrender will contribute to the growth of the market - tentatively by an additional 2-3% per year.
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