In order to promote the development of the diamond cutting industry in the Russian Federation, the President ordered the establishment of a diamond cutting cluster in the Republic of Sakha (Yakutia) and the Smolensk Region.
The Executive Order stipulates that the cluster will comprise legal entities and individual entrepreneurs included in the relevant register.
Almazyuvelirexport Foreign Economic Association has been designated as the operator responsible for maintaining the register and coordinating interaction between cluster participants and entities engaged in natural diamond mining.
Upon satisfying the requirements established by Federal Law On Precious Metals and Precious Stones, natural diamond mining companies shall offer rough and partially polished natural diamonds to cluster participants before placing them into circulation.
The Ministry of Finance of the Russian Federation has been instructed to establish the eligibility criteria and procedure for the inclusion of legal entities and individual entrepreneurs in the register; the grounds and procedure for their removal from the register; the procedure for supplying cluster participants with rough and partially polished natural diamonds; and the procedures governing interaction between the operator, cluster participants, and natural diamond mining companies.