State secret on Gokhran’s CEO. The state operator responsible for storing and processing precious metals and gems Gokhran is struggling to find a replacement for its current number one, Vladimir Rybkin. The manager announced his resignation in February, however his letter still remains unanswered. “The government simply can’t find a replacement for him: no one wants to take on a huge responsibility,” an unofficial source explained. Gokhran was founded in 1920 and is controlled by the Ministry of Finance. Its total reserves are a state secret. In 2009, Gokhran bought $1 billion in diamonds from Alrosa, when prices of rough diamonds had fallen significantly due to the global economic crisis. Gokhran houses, among other things, the Diamond Fund, a unique collection of historical jewelery works, rare specimens of gems, nuggets of precious metals. One of the few treasures of the world, which retain crown values.
Jewelry sales are growing in the USA. In the US, jewelry sales increased by 9.9% year on year, to $2.31 billion (March data). The consumer price index for jewelery fell by 2.9%, again in March. In-store jewelry sales remain strong. In the first quarter, the increase was 8.2 percent, to $6.99 billion, compared to the first three months of 2012.
