The Ministry of Finance plans to launch an online jewelry marketplace aimed at a foreign buyer. This is stated in a letter from Deputy Finance Minister Alexei Moiseyev to the Deputy Chairman of the Board of the Eurasian Development Bank (EDB) Tigran Sargsyan, Vedomosti newspaper reports.
The department has agreed with the Belarusian Ministry of Finance to launch a pilot project for the sale of jewelry. The ministry believes that this will facilitate online trade in jewelry to increase their exports from the EAEU to the world market. Moiseev invites Sargsyan to participate in the development of this project and the creation of the IT infrastructure necessary for it.
The project is titled “Digital Commerce. Jewelry, ”Sargsyan said. According to him, the EDB is working on it together with the Russian and Belarusian ministries of finance, and its goal is to create a new trading platform for the export of jewelry to third countries. There will be two stages in its development - at the first stage, it is planned to digitize the internal processes of the industry in Russia and Belarus, at the second to create the infrastructure and logistics system directly, Sargsyan notes.
The work of the marketplace from the Russian and Belarusian ministries will be aimed at the b2c segment. It is planned to sell finished products at the site, Vedomosti reports with reference to a representative of the EDB Digital Initiatives Fund. According to him, thanks to this, it will be possible to reduce costs for the business, since in this case intermediaries will not participate in the chain. In addition, the project will represent a completely new e-commerce ecosystem on the market, and the platform will be developed taking into account the fact that delivery will have to be carried out to the buyer's door.
Moiseev said through his representative that the volume of the Russian jewelry market production is about 70 million gold items per year. In 2020, the volume of sales in this category exceeded 220 billion rubles, with only 30 billion coming from online commerce, say the Association of Internet Commerce Companies (AKIT). The Guild of Jewelers notes that the share of sales in the online segment is only 10%.
The Deputy Minister of Finance believes that the potential for online sales of jewelry makes it possible to trade them, including abroad. He explained that now participation in international exhibitions is limited to the coronavirus pandemic, and this reduces the potential of the industry. The marketplace created by the Ministry of Finance will help increase exports, as well as open new names of jewelers from Russia and the EAEU, says Moiseev.
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