The article focuses on current issues of legal regulation governing state funds and reserves of precious metals and gemstones in Russia. It examines the imperfections in existing legislation regulating this sphere, particularly matters concerning the division of powers between federal and regional levels. Special attention is given to analyzing the legal regime of: gold and foreign exchange reserves of the Russian Federation; the Federal Fund of Reserve Deposits of Precious Metals and Gemstones; the State Fund of Precious Metals and Gemstones of the Russian Federation; the Diamond Fund of the Russian Federation; and the State Fund of Precious Metals and Gemstones of the Republic of Sakha (Yakutia).