BAKU, Azerbaijan, October 4. The turnover of the jewelry market in Azerbaijan is growing every year, the Azerbaijan Jewelers Association told Trend.
According to the association, the jewelry market turnover was 32 million manat ($18.8 million) in 2020, 109 million manat ($64.1 million) in 2021, 153 million manat ($90 million) in 2022, and the jewelry market turnover is planned to grow to 220 million manat ($129.4 million) in 2023.
This increase in turnover is facilitated by certain incentives from the country, which were introduced in 2021 and will remain in force for three years.
"Gold and silver jewelry imported into the country is exempt from 15 percent customs duty and excise tax. Equipment imported for jewelry manufacturing is also exempt from an 18 percent value-added tax upon receipt of verification reports. In addition, trade in domestic precious metals, including gold and silver, is not subject to value-added tax. Precious metals and precious stones imported into the country are exempt from 15 percent customs duty and excise tax. It is only necessary to pay value-added tax. All these privileges are provided for the development and expansion of this sphere," the association said.
In addition, Azerbaijan's jewelry products also began to be included in the country's export basket.
"Finished jewelry worth 19.3 million manat ($11.3 million) has been exported at the end of 2022," the association said.
In general, Azerbaijani jewelry products are exported to CIS countries, including Uzbekistan and Kazakhstan, as well as to Türkiye and the UAE, mainly Dubai. In addition, most of the jewelry imported to Azerbaijan is produced in the UAE, China, Türkiye, Russia and Italy, as well as in small quantities in India, Thailand and the USA.
