Russia to sell silver, diamonds worth over $300 mn

Russia to sell silver, diamonds worth over $300 mn

Russia plans to sell silver worth about six billion rubles (around $201 million) and diamonds worth 5.4 billion rubles (around $181 million) in 2012, a finance ministry source said.

The jewels will be sold by the State Repository for Precious Metals and Jewels, the source said.

"We will sell silver and some palladium. We plan to sell diamonds worth over five billion rubles at an auction," the source said.

The repository also plans to buy up to three tonnes of gold for five billion rubles and diamonds from the country's state-owned diamond monopoly Alrosa for four billion rubles this year to replenish the reserves.

Russia's 2012-2014 budget stipulates state sales of precious metals and jewels worth 11.43 billion rubles and purchases at 9.95 billion rubles in 2012.