Diamonds and Platinum

This chapter describes how Narkomvneshtorg only started to discuss Torgsin's acceptance of diamonds in April of 1933, while the permission to begin operations came much later, in August, when the famine of 1932–1933 was already over. At first, the government only allowed the purchase of diamonds in three cities — Moscow, then Leningrad and Khar'kov. The initial results were encouraging. As soon as diamond operations began in the elite cities, the requests from other Torgsin offices to be allowed to purchase diamonds became insistent. In October of 1934, the government allowed Torgsin to procure other precious stones as well. Eventually, the decision to buy diamonds raised the question of platinum, because diamonds were often framed in this metal. The platinum purchasing operation started in Torgsin only in 1934.