BAKU, Azerbaijan, August 21. Overall, the volume of the jewelry market in Azerbaijan for the first half of 2023 is estimated at 109 million manat ($64 million), says Chairman of the Association of Jewelers of Azerbaijan Toghrul Abbasguliyev, Trend reports.
"These figures are the result of work done over the past three years. Tax and customs privileges introduced in 2021 had the desired effect. In 2021, there was a positive result; in 2022, it improved even more; and this year, there is also an improvement. According to our forecasts, in 2023 we expect the market volume to be at the level of 220-250 million manat ($129-147 million)," Abbasguliyev emphasized.
According to him, the gold market is currently stagnant.
"Recently, the price of gold on the stock exchange has been stable. There is no decrease or rise in the price of gold items," he said.
Moreover, 60–65 percent of gold jewelry on the local market is Azerbaijani-made.
"In addition, gold and jewelry from Türkiye, the United Arab Emirates, Italy, and China are imported to our country," he added.
Earlier in 2022, gold and silver jewelry worth 71 million manat ($41 million) was imported and 19 million manat ($11 million) was exported. In general, the volume of the jewelry market in Azerbaijan for 2022 was estimated at 153 million manat ($89 million).
