Project Management

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Kazakhstan Institute of Management Economic and Strategic Research


Presentation List


Analysis of legal acts of the Republic of Kazakhstan on precious metals and pre-cious stones


Executed by





BSc-1


Beisenov Tamerlan


ID #000616


Lecturer


Saule Dissenova


Almaty 001


Contents


1. Introduction


. Dynamics of legislative regulation of


relationships constrained with pre


cious metals and precious stones


. Current situation on the market of pre-


cious metals and precious stones


4. Conclusions and suggestions


5. Bibliography


1. Introduction


Precious metals and precious stones always played a great importance in all steps of human evolution. And this is because precious metals and precious stones are always been a main criteria in evaluating the riches of any country. They have been also consid-ered as a general exchange equivalent and fundamental payment remedy in trade-economical relationships.


Generally, the major part of precious metals and precious stones market is constrained with gold. It’s role and special characteristics are reasons for this. Gold is sun colored that is why people from ancient times associated it sunrises and sunsets. Some people thought that all the gold of earth is kept in Egypt and Persia. Others thought that it was accumu-lated in gold chests of Alexander Macedon. The beginning of gold history in Kazakhstan starts from Andronian culture. In nowadays Kazakhstan takes a th place in gold re-serves and second place in silver � after Russia. Except silver and gold, there is also a family of platinum metals. Usually precious metals are diamonds, rubies, emeralds and sapphires. Of cause Kazakhstan obtained all this precious metals and precious stones in the past. However, they were transported for a full processing to former USSR center. From the moment as the Kazakhstan became an independent republic a lot of questions risen in regulation of relationships constrained with precious metals and precious stones.


. Dynamics of legislative regulation of relationships constrained with


precious metals and precious stones


As Kazakhstani market of precious metals and precious stones was developing, op-erations and approaches in realization of precious materials were too old. That is why a lot of legislative acts were adopted. On April of 1 there was a law adopted “About gold reserves and diamond fund”. This document ascertains that there is an active State monopoly on purchase, receiving, storage and realization of precious metals and precious stones on external and internal market. In time was President’s Decree “About State regu-lation of relationships constrained with precious metals and precious stones” which is confirmed by the law from 0 July 15. It is also mentioned here that on the territory of Kazakhstan there is active system of State control on exploration, extraction, processing and on other cases. In 1 Parliament of the Republic adopted two Enactments on 1 April “About approval of position on sequences of allocation and utilization precious metals and precious stones from State security of National Bank” and on 7 May “ About orders of regulation of activity constrained with production, processing and realization of precious metals”. It is important to notice that all this important documents played their own positive role on primary stages of market adaptation. Specialists of gold industry taking under consideration current situation in gold industry determined three large re-gions in extraction and processing. They are North�East, Central and South regions. RemAC Corp. was the first one who obtained the gold as a mine. Then to get a standard bars of gold 1,5 kg. it is transferred on Balhash iron-and-steel integrated factory. But the first golden bar of independent Kazakhstan was smelted in Ust-Camenagorsk’s lead and zinc integrated factory. However all this procedures were the first steps in development of young republic. There was a shortage in special equipment, experienced workers and big investments were necessary. Besides there was full absence of legislative base. For ex-ample, there were no acts adopted where local executive organs have to collect and proc-ess the secondary resources which the precious metals. Moreover there were no acts, which would ascertain that banks of secondary level can have a license on operations with precious metals. Also there was an absence in instructions how to register opera-tions of export and processing the precious materials. At the same time contradictory questions have risen in adopted legislative acts. Separate positions were reflected in other laws (depthutilization, currency regulation, customs). As a market of precious metals and stones was developing some adopted acts became obsolete and they didn’t correspond to international requirements, standards and rules. There is a new project of law prepared today “About bringing in the changes and additions into some legislative acts of RK con-strained with precious metals and precious stones”. So the dynamics of adopted legisla-tive acts was lagging behind of real situations on the market. Even today Kazakhstan still


doesn’t have (some separate legislative acts exist, but not a law) any regulating law on precious metals and precious stones. And recently in April 001 Government of RK presented to Mazhilis a project of law “About precious metals and precious stones”


. Current situation on the market of precious metals and precious stones


Today business position on precious metals and precious stones can’t be considered positively. In 1 State authorities created a program “Kazakhstani Gold” till 000, where was clearly said that output can be increased from 10 tons to 50 tons. A company “Altyn Almas” was created for this purpose. However in 17-1 a real output was not more than 8- tons per year. The statistical data says that Kazakhstani part of gold extrac-tion in general volume of output in CIS decreased from !!.% to 18.%. Current situation says that further development requires new approaches and investments of native and abroad money. In favorable conditions output of precious metals can be up to 40 tons per year. And estimated volume of investments must be $700-800 mln. However investors always complain about imperfection of legal base. This analysis shows that still in RK ju-ridical, organizing and technical aspects are not considered properly to create a market of precious metals and precious stones. Today’s situation is, that systems of State regulation, price formation and taxation are undetermined yet. Besides another aspect have risen � everybody started to evaluate value of reserves as difference between total money estima-tion expected expenses on output and processing. Sometimes it was already clear that gold mining in some particular place was unprofitable. Situation started to be worse on internal market of gold and silver because of abolition on State monopoly on operations with precious metals and precious stones when Kazakhstani producers got a right to de-clare there output. Foreign investors and legal bodies who work in RK on contract was legal to transfer refined precious metals. Meanwhile in most countries (Russia, China, Uzbekistan) refined precious metals extracted on their territory, are liable to be sold on auctions. The buyers are normally legal bodies. The gold trading between Kazakhstani banks is not yet developed � although our West partners have a good experience in it.


4. Conclusions and suggestions


General stabilization of position in world’ economy allows us to prognose world’s price rising on precious and non-ferrous metals. Resources of raw materials on world’s market got their relatively stable balance. And a perfect chance appears for Kazakhstan to organize a big demand on gold, which Kazakhstan didn’t use after getting it’s independ-ence. From our point of view for effective gold output, State should cultivate a new state program of production development on precious metals for period 005 �010. It is still necessary to attract foreign and native investors, maintain the work of gold miners and to install the system of State purchase of precious metals and precious stones. At the same time we should develop our trade on international metal exchange markets. We should also accelerate the adaptation of necessary legislative acts. For an active attraction of for-eign investments it is important to set a real price on goal field and represent full infor-mation about them. The price on one (òðî�ñêàÿ) ounce on world’s market increased from $60 in 1 to $80 and at the beginning of 000 it was $15 already. In accordance to prognoses in 001 it is expected that price on gold will rise on 0.7% and on silver 0.5%. Gold resources of Kazakhstan are estimated to an amount of 11-1 tons. State registration authorities show that there are 168 gold fields. To sum up everything we have said we can confirm that Kazakhstan can easily be one of the leading countries in the sphere of precious metals and precious stones.


5. Bibliography


a) www.dn.kz (Delevay Nedela)


b) I.T. Balabanov “Precious metals and precious stones” (Moskow 18)


c) A.Davilbekov & Z. Davilbekova “Ð�íîê Çî�îòà” (À�üÏàðè ¹-4 000)


d) www.zakon.kz





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