BRICS members confirmed plans on February 14, 2026, to create a Precious Metals Exchange to trade metals within special economic zones across member states, aiming to build independent pricing and reduce sanction risks. Russian Deputy Foreign Minister Sergey Ryabkov said the exchange will operate alongside a BRICS gold currency pilot and a grain exchange.
The platform will serve as a trading venue for gold, platinum, diamonds and rare earth minerals. Officials plan to use existing special economic zones in nearly all member countries to house the infrastructure.
Anton Siluanov described the goal in exchange terms and said the move will foster equitable competition. “The creation of a mechanism for trading metals within the BRICS countries will lead to the formation of fair and equitable competition based on exchange principles.”
The exchange coincides with the BRICS gold unit launched on October 31, 2025, backed 40% by gold and 60% by member currencies. BRICS gold prices reached above $5,600 per ounce in January 2026 before settling into forecasts between $4,500 and $5,500.
Officials said the system seeks to reduce reliance on Western platforms like SWIFT and the London Metal Exchange, aiming for greater payment autonomy. “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,” Ryabkov added (Ed. note: officials target operational status by 2030).
