Amber Concessions

Semi-Precious

Solid Gold?

Polish local authorities have found an opportunity to begin mining for amber once again. This new Polish mining boom is down to Russia not wanting to export the semi-precious gem. This has meant that the price of amber rocketed to its highest level in years. The problems of Polish jewellers began in late 2013 when the Russian state amber factory in Yantarny decided to stop exporting. It is estimated that the Russian Kaliningrad region (bordering Poland and Lithuania) holds more that 80% of all of the world’s amber deposits. It is the only place in the world where amber extraction is undertaken on an industrial scale, according to Nasz Dziennik. Assuming the moderate price of PLN 10,000 per kilogram, it has been estimated that Polish amber resources are worth PLN 7 billion, four times more than Poland’s entire GDP. The current extortionate prices of amber and its deficit mean that increasingly more local authorities are think of opening or re-opening mines.
wp.pl

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