Russia Increasing Jewelry Purchase Thresholds Without Personal Identification
In Russia, a substantive change has been made to jewelry purchases based on the presence of customer identification. The policy depends on whether the buyer’s identity—whether an individual, a client representative, a beneficiary, or a beneficial owner—can be established during the transaction. The new rules were signed into law by President Vladimir Putin and were published on the official legal information portal. This shift marks a notable move in how consumers can engage in jewelry acquisitions and how sellers assess risk at the point of sale.
The practical effect is that consumers may acquire jewelry valued at up to 60 thousand rubles (or the equivalent in another currency) and up to 400 thousand rubles when paying in cash, without requiring personal identification. If the payment is made with a debit card, the same identification-free threshold applies. Previously, the law allowed purchases without identification only if the total fell at or below 40 thousand rubles, and card payments could be made without ID up to 200 thousand rubles. The expansion creates a broader window for buyers to complete purchases quickly and discreetly while still maintaining a framework for financial oversight.
Nevertheless, there is an exception to these thresholds. If a seller has a reason to suspect that a transaction is intended for money laundering or financing terrorism, the seller may request the buyer’s passport or other identifying documents. This provision emphasizes ongoing vigilance against illicit financial activity while preserving a streamlined process for everyday shoppers under the defined limits.
Industry observers noted that Russian jewelry firms have approached the government with proposals to adjust federal legislation. The aim is to mitigate financial losses and preserve market vitality. The sector faces pressure: without legislative adjustments, some market participants warn that employment could be at risk as companies confront tighter margins and compliance costs. The government’s response and any forthcoming amendments will be closely watched by retailers, trade associations, and financial institutions serving the jewelry market, as they shape the competitive landscape and the overall health of the sector. (Source: official legal portal)