Members of the BRICS format are planning to establish a new exchange for precious metals, a high-ranking Russian diplomat revealed. The news comes against the backdrop of increased volatility in the markets for assets such as gold and silver following recent spikes in their prices. BRICS is building a trading platform for precious metals Member states of the BRICS group of developing economies are now working to create a dedicated exchange for precious metals, Russian Deputy Foreign Minister Sergey Ryabkov told Russian state media. Speaking to TASS, Ryabkov noted that besides a common investment platform, BRICS wants to have a “platform designed to work in special economic zones,” which virtually all participating countries have. According to excerpts from his interview with Russia’s official news agency published Saturday, the diplomat further stated: “There is also a recent, but very important, initiative to create an exchange of precious metals, along with a grain exchange.” The Russian Federation is the source of a number of initiatives that were pitched and adopted when Moscow chaired the organization in 2024, the report reminded. These include proposals for payment platforms, mechanisms for settlements in national currencies, reinsurance facilities for trade within the grouping and with its partners. The establishment of a grain exchange and a new investment platform, discussed recently by Ryabkov’s superior, Sergey Lavrov, were also among Moscow’s suggestions. “There are all reasons and prerequisites for something tangible to emerge,” the deputy minister insisted, commenting on these projects, without providing more details. The idea of an exchange for precious metals comes to the fore after the prices of these assets registered a remarkable growth over the course of the past year. Gold surpassed $5,600 in January, and the all-time high was followed by heightened market volatility, with the price per ounce falling towards $4,600 in early February. It exceeded $5,000 again later this month, according to data compiled by Trading Economics. After sliding by more than 3% this past Thursday, it rebounded again on Friday to a little over $5,000. BRICS to offer alternative to whatever America can shut down Recognizing the weight of the pressure that the United States can exert, BRICS intends to create an alternative to everything that Washington can shut down “at the push of a button,” Ryabkov stressed. “I think no one is underestimating the risks associated with American policy, both sanctions and tariffs. But this doesn’t mean everyone is ready to succumb to pressure,” the Russian official said, stressing: “BRICS was created precisely to offer an alternative to everything that can be shut down at the push of a button, as we have already seen.” “We are seeking and finding solutions to the problems this increasingly toxic international environment is creating,” he added, noting that this includes efforts within BRICS and in collaboration with countries willing to work with the organization. The Russian representative put an emphasis on deploying “digital methods and systems” in that regard as well as on the use of national currencies for transactions. Last month, the Central Bank of India, a founding member of BRICS, proposed linking digital currencies issued by its nations to simplify cross-border trade and reduce dependence on the U.S. dollar. However, in November 2025, Russian Finance Minister Anton Siluanov admitted that his country’s push for a system for international settlements in the group is hampered by partners sticking to the Greenback. Trade growth within BRICS overtakes global average Sergey Ryabkov also highlighted some of the results of the BRICS integration, pointing out that trade between its members is growing faster than global trade and elaborating: “Statistics show that trade growth among BRICS countries significantly exceeds both the overall growth rate of global trade and the trade growth between BRICS members and other partners.” The Russian diplomat is convinced “this is simply an indication that BRICS – without being some kind of ‘magic wand’ – can truly help address challenges.” “We need to expand this potential, and there is the political will to do so,” Russia’s deputy foreign minister emphasized. BRICS was originally formed by Brazil, Russia, India, and China in 2009, with South Africa joining the following year. The intergovernmental body has since accepted Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates as full members. Earn 8% CASHBACK in USDC when you pay with COCA. Order your FREE card.
