At the BRICS leaders’ summit on Oct. 23 in Kazan, Russian President Vladimir Putin discussed the creation of a BRICS platform for precious metals and diamonds to address overregulation in this sector. Putin stressed that excessive trade barriers hinder the market, stating:

We see the feasibility in creating a separate BRICS platform for precious metals and for diamonds. This market is indeed excessively regulated by various trade barriers in circumvention of the universal certification scheme of the Kimberley Process.

He added that developing the BRICS International Center of Antitrust Law and Politics had already shown promise and further expansion was necessary. “We consider necessary to continue developing this area, including the launch of the intergovernmental platform on fair competition,” Putin noted.

The Kazan Declaration, released during the summit, reaffirmed BRICS nations’ commitment to increasing the trade of precious metals among member states, with a focus on unified standards. The document stated:

We support efforts to increase the turnover of precious metals within BRICS based on common quality standards.

The declaration also emphasized continued support for the Kimberley Process, which serves as the global certification scheme regulating rough diamond trade. BRICS countries also acknowledged the creation of an informal cooperation platform with African diamond-producing nations, aimed at fostering free trade and sustainable growth in the global diamond industry.

In addition to the focus on precious metals and diamonds, BRICS members expressed support for Russia’s proposal to establish a grain trading platform. According to the Kazan Declaration, the BRICS Grain Exchange would ensure a steady flow of agricultural products by minimizing disruptions caused by restrictive economic measures. The group called for a rules-based agricultural trading system to protect both producers and exporters from undue trade restrictions. The summit highlighted the importance of creating independent trade platforms within BRICS to enhance cooperation and reduce external regulatory barriers across various industries.

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