Belarus National Bank Authorizes Banks to Trade in Diamonds

The National Bank of Belarus (NBB) has authorized local Belarusian banks to trade in diamonds, the Belorusskie Novosti reported.

A ruling adopted by the NBB board allows banks to expand their range of services in a move that is touted by NBB as a further liberalization of the domestic diamonds market, the NBB press office was quoted as saying.

Diamonds can be purchased with Belarusian rubles and foreign currencies. Depending on the state of the domestic and international markets and on how much a bank is allowed to profit from this trade, the prices of diamonds may range from 90 to 130 percent of the NBB's selling price, the report added.