Russian jewellers said they are willing support an export duty on gold if the price of the precious metal crosses $700 per ounce, according to the Jewelers� Guild of Russia, a trade group, according to reports.
The duty is likely to make Russian jewellers more competitive, especially once Russia joins the World Trade Organization (WTO). The move could also make it only of the top five jewellery producers, it added.

In its program for 2007-08, the Guild said it will continue working with the Economic Development and Trade Ministry, the Federal Customs Service and Finance Ministry to lift customs duties on imported production and laboratory equipment, and precious stones. It also plans to work with federal agencies to maintain existing duties on imported jewellery.

In May 2006, gold surpassed $700 an ounce, its highest price in a quarter of a century, and is currently trading at around $625 per ounce.