- BRICS countries launched a new precious metals exchange in Moscow to support trade using Gold, platinum, diamonds, and rare earth minerals instead of the U.S. dollar.
- The new platform bypasses traditional Western payment systems like SWIFT and the London Metal Exchange, allowing direct settlements between member nations.
- BRICS nations control 72% of global rare earth mineral reserves and large shares of key commodities, strengthening their plan to back a new currency with real assets.
- Over 68% of BRICS trade now occurs without the U.S. dollar, signaling a major shift towards de-dollarization in global commerce.
- African and other emerging markets are joining the precious metals exchange, aiming to reduce reliance on Western financial systems and political pressure.
BRICS nations have introduced a dedicated precious metals exchange at the 2025 Moscow Financial Forum. The platform lets countries settle international payments using gold, platinum, diamonds, and rare earth minerals, rather than the U.S. dollar. This shift allows member countries to avoid Western systems such as SWIFT and the London Metal Exchange.
The group’s new strategy is built on controlling 72% of the world’s rare earth reserves, along with significant shares of other key resources. According to official data, 68% of BRICS trade is already taking place without using U.S. dollars, and current dollar reserves globally have dropped to 58%, the lowest level since 2000.
The new exchange sets independent prices for these commodities, breaking away from the traditional pricing set by institutions like the London Bullion Market Association (LBMA). Since 2022, after the start of the Ukraine conflict, Russia was excluded from the LBMA, despite being one of the world’s largest gold holders. The BRICS exchange uses a transparent market approach, enabling cross-border transactions through China’s CIPS payment system—removing the need for SWIFT.
BRICS collectively hold 70% of cobalt reserves, 50% of nickel (used in electric battery production), 91% of niobium, and 40% of global oil. The bloc’s over 12,500 tons of gold and share of critical raw materials gives it leverage in the development of this asset-backed payment and currency system. China’s offer to store foreign central bank gold in the Shanghai Gold Exchange has increased global interest in this framework, especially after Western sanctions froze $300 billion in Russian assets in 2022.
African countries are now supporting the BRICS platform. Angola’s rare earth project, valued at $80 million, is set to supply 5% of global magnet metals needed for electric vehicles and wind turbines. Nigeria has invested $400 million in a processing facility to expand its mining sector. By using this new model, emerging economies aim to benefit from growth-based wealth instead of traditional Western-dominated systems.
The transition to a resource-backed payment system represents a direct challenge to U.S. dollar dominance, as global gold prices rise. Data shows that these changes are advancing, with more emerging markets turning to BRICS’ alternative financial infrastructure.
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