This is about gold bullion deals with gold bar casting manufacturing refers to world news recently.

 G7 leaders are meeting in Bavaria, Germany, where US President Joe Biden has confirmed further sanctions against Russia in response to the invasion of Ukraine at the end of February.
       “The United States has imposed unprecedented costs on Putin to deprive him of the income he needs to wage war with Ukraine,” Biden said.
       ”The G7 will jointly announce that we will ban the import of Russian gold, a major export that generates tens of billions of dollars in revenue for Russia.”
        Russia supplies about 10% of the world’s gold reserves, and its reserves are estimated at $140 billion. In terms of non-energy commodities, gold is Russia’s most productive export.
        Geopolitical forces and the Ukrainian conflict continue to have a significant impact on the international jewelry trade. Earlier this year, political forces such as the US and the UK reaffirmed a ban on the export of Russian diamonds.
       According to British Prime Minister Boris Johnson, the import ban will apply to new or refined gold, but will not affect gold originating in Russia but already exported.
       “These measures will deal a direct blow to Russian oligarchs and strike at the very heart of [Vladimir] Putin’s war machine,” Johnson said.
       ”Putin is wasting his dwindling resources on this senseless and brutal war. He is bolstering his ego at the expense of the Ukrainian and Russian people.”
        Russia reportedly earned more than $15.5 billion from gold exports last year. London is a major gold trading center. Earlier this year, the London bullion market suspended trading with six Russian refineries.
       German Chancellor Olaf Scholz said plans to ban imports are underway and need to be agreed with EU partners before more details are released, Reuters reported.
        Polyus is the largest gold mining company in Russia. Headquartered in Moscow, Polyus is among the top 10 gold mining companies by production volume in 2019, producing 2.8 million ounces of gold. Polyus’s 2021 revenue is $4.9 billion.
        Indian exports of gold jewelry have skyrocketed; local demand boosts imports De Beers unsure of meeting rough demand as diamond shortages Worst diamond market recovers after ALROSA and De Beers achieve positive results Diamond export ban As British-Russian hostilities continue, diamonds tariffs imposed by Australia sanctions on Russia, except for diamonds UK government announces direct sanctions on ALROSA ALROSA imposes direct sanctions US imposes tough sanctions on ALROSA Congress demands to fill loopholes
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Post time: Aug-25-2022