Norilsk Nickel Resumes Platinum Exports

Exports began two months after export quotas were signed. The delay was due to the fact that the intermediary, state company Almazyuvelirexport, a monopoly platinum exporter, could not get an export license. Russian platinum reaches the world market from three sources: the Russian state repository Gokhran, the Central Bank of Russia, and Norilsk Nickel, but only through one channel: state foreign trade company Almazyuvelirexport. Russia supplies over 20% of world platinum production on the international market and a considerable volume of rhodium. Russia's platinum reserve and export volumes are not published as they are state secrets. Russia did not export platinum since the beginning of 1999 because the law on priority measures in budget and tax policy presented a special legal case, as it did not allow the export of platinum through the existing state organization. The law was corrected in January 2000.