RUSSIAN FIRM OUTLINES ITS GOLD-PURCHASE PLANS

RUSSIAN FIRM OUTLINES ITS GOLD-PURCHASE PLANS

Russian finance and trade company Yuvelirprom said it will buy 30.25 tons of gold in 1996 from Roskomdragmet, the Russian Committee for Precious Metals and Stones, Interfax reported Friday.

Yuvelirprom represents over 100 jewelry-related enterprises in Russia and elsewhere in the Commonwealth of Independent States.However, gold purchases in 1995 are likely to be reduced to 8.8 tons

from a planned 25.3 tons, company President Alexei Barbariush said at a press conference during the Jeweler-95 fair here.

He said the reduction was a reaction to Roskomdragmet increasing the cost of gold for jewelry makers, as well as to the burden of high taxes. Yuvelirprom will ask for tax cuts, he added.