The Federal Law is aimed at improving the legal regulation of the circulation of precious metals and stones.
The Federal Law defines a number of terms in this area, includes jewelry artists among the subjects of the legal relations in the circulation of precious metals and stones, and specifies the procedure for exercising the priority right to purchase precious metals and stones by authorised state bodies.
The Federal Law provides for a mechanism for paying remuneration for delivering treasures containing precious metals, precious stones, jewelry and other items made of precious metals and precious stones of historical, artistic or other cultural significance to the State Fund of Precious Metals and Precious Stones of Russia.
In addition, the Gokhran of Russia is vested with the authority to sell on the foreign market precious metals and precious stones released from the State Fund of Russia.