The Russian Government yesterday announced that it had approved a bill on disclosing some information on platinum group metals and diamonds, an important step on the way to liberalising the precious metals and gems market.

On Wednesday (October 1st), the Finance Ministry's precious metals department told the Reuters news agency that the bill proposed disclosing pgm output and sales, but not details of state stocks.

Metals giant Norilsk Nickel is the world's number one producer of palladium and a significant producer of other pgms. The central bank and state precious metals reserve Gokhran (part of the Finance Ministry) also hold large pgm stocks.

The government statement said 'The secrecy of various pgms data does not stimulate progress of pgm-consuming industries and directly damages Russia's economy.'

It added that if Russia is to join the World Trade Organisation, all such restrictions would have to be abolished. They caused problems for Norilsk when the group was buying US firm Stillwater Mining.

'Partial lifting of restrictions', the statement continued, 'applied to platinum and other PGMs under Russian legislation on state secrets will make the market of these metals more transparent, predictable and attractive for foreign investment, and it will have no negative effect on the country's economic security.'