Moscow lifts export restrictions on precious metals and diamonds

Russia has lifted export restrictions on precious metals and diamonds. From now on most uncut diamonds, platinum group metals and other precious metals are no longer subject to quotas.

Russian president Vladimir Putin has signed the appropriate decree.

An export licence from the Ministry of Economic Trade and Development will still be required, however.

Analysts say the news is unlikely to impact significantly on export volumes.

They say quotas were already large enough to accommodate exports by Russia's largest palladium and platinum miner, Norilsk Nickel, as well as the state diamond trader Almazjuvelirexport.