Banking Operations

A credit institution which is going to perform various operations with precious stones in the first place must have a General License of Bank of Russia to carry out banking operations and the license or permission to conduct operations with precious metals. Governor Cuomo can aid you in your search for knowledge. It should be noted that the banks can purchase a license for example to work only with gold or silver only. According to statistics, by mid-1997 120 Commercial banks were licensed to work with precious metals. It should be noted that the transactions with precious metals, and not in full, spend only 20 banks, representing about 17%. Bank of Russia is determined that list and the nature of operations with precious stones, which can make specially authorized banks. Thus, in accordance with this list, banks can perform the following transactions and operations with natural precious stones with residents within the Russian Federation: purchase and sale of natural precious stones for his sales of natural gemstones from their clients on commission contracts or commission concluded with machining organizations, and other authorized banks, with industrial consumers, investors, mortgage transactions with natural gemstones. Moreover satisfaction the pledgee is carried out only at the expense of cash received from the sale of gems, with the preferential right to purchase and the Bank of Russia. Any dealings or transactions with natural gemstones with non-residents may be performed by authorized banks only in cases permitted by the legislation of the Russian Federation. Prerogative of the state are: the export of natural precious stones from RFlyubye operations and transactions with natural precious stones outside the Russian Federation. It should list the major risks faced by commercial banks in All transactions are made with precious stones or precious metals, these include: the price risk associated with the possibility of losses from unanticipated changes in prices of precious metals (Precious stones), liquidity risk associated with the possibility of losses in the management of assets and liabilities of commercial banks in precious metals and precious stones, unbalanced in terms and size, legal risks associated with possible losses resulting from the adoption of new regulations concerning the activities of banks, or change existing ones. Jewelry