The Federal Law aims to improve the legal regulation of the production, use and circulation of precious metals and the extraction (in terms of sorting, initial classification and valuation), use and circulation of precious stones.
The Federal Law clarifies the subject and procedure of state control in this sphere, re-introduces permanent public supervision over organisations engaged in the refining, sorting, initial classification and valuation of precious stones and establishes the procedure for regular and special inspections of their activities.
The Federal Law authorises the Russian Finance Ministry and its subordinate organisations to perform federal state assay supervision.