BAKU, Azerbaijan, July 8
By Fatima Zulfigar - Trend:
Azerbaijan will have an active phase in the precious metals market till late August and there will be a decline in September, Chairman of the Association of Jewelers of Azerbaijan Togrul Abbasguliyev told Trend.
"Before the COVID-19 pandemic, the sale of jewelry was mainly associated with wedding events, but today the situation has slightly changed," Abbasguliyev added.
"There were no weddings during the last year and a half," the chairman of the Association of Jewelers said. "People mainly bought jewelry for themselves or as a gift. But the ban on wedding events has been lifted since July 1."
"Only six days have passed, so it is difficult to talk about the impact of the situation on the market," Abbasguliyev said. "Of course, there are no such figures which were before the COVID-19 pandemic, but there is a certain growth rate, which can be noted as a positive factor."
While speaking about the growth rates in the market, Abbasguliyev stressed that summer is a passive season for the entire wholesale and retail business and this also affects sales volumes.
"The month of Muharram will be from late August through late September, which affects weddings and, accordingly, the sale of jewelry," the chairman of the Association of Jewelers said. "The market will have a certain active phase until the end of August and there will be a decline in September. The situation will be restored from October and on the eve of the New Year. In accordance with my calculations, the market will fully recover in a year and a half."