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Kazakh Jewelry Company Investigated By Russian Police For Smuggling

Altyn stores offer jewelry at discount prices

October 09, 2009

MOSCOW -- Russia's Federal Security Service (FSB) is investigating the activities of a jewelry holding company that did extensive business in Russia and Central Asia, RFE/RL's Russian Service reports.

The Moscow, St. Petersburg, Novosibirsk, and Omsk offices of the Altyn holding company of Kazakhstan were searched by police and their employees interrogated on October 7.

Several top managers of the company are facing jewel-smuggling charges and were arrested by police.

Established in 1990, the holding company is comprised of jewelry factories and gold-selling operations in Kazakhstan, Kyrgyzstan, Russia, Turkey, China, and the United Arab Emirates. Its stores are known for selling jewelry at discount prices.