AzerGold records significant increase in sale of gold products

AzerGold’s sale and exchange centre, which has attracted great interest of consumers since its launch, realized a total of 1,029.2 ounces of gold until December 1, 2021. Thus, more than 3.4 million manats have been pulled in over the past three months from the retail sale of gold coins and ingots, which are used not only as gifts but also as a profitable investment tool.

To put this in this perspective, the company sold only 93.9 ounces of gold in the retail market in the same period last year. In September, October and November 2020, a total of 435,000 manats were derived from the sale of gold coins and ingots offered to customers at various outlets in the capital upon online orders and commission agreements. However, the profit drawn from the retail sales increased by 87 percent in the same period of this year. It boosted an increase in the volume of gold exported to the domestic market due to the growing demand for valuable products against the background of changes in tax and customs legislation in 2021. Thus, although the transfer of a part of gold items produced by the Company to local market affected the company's annual export plan, the production of new coins and ingots has led to a significant revival in the local retail market.

With the view to support the reforms towards the development of the jewellery industry in the country, AzerGold launched its first sales and exchange centre to realize the products made from local gold in September this year. In addition to 5, 10, 20-gram coins and ingots offered to the local retail market by the Company since 2019, new gold bars weighing 1, 10 ounces, 500 grams and 1 kilogram, as well as the coins with various designs were put up for sale in the centre located at 3 Bulbul Avenue, Baku. According to the recent market research, the Company's products are offered at the official sale and exchange centre with a minimum profit margin at best prices compared to the products of the same category in the local market.

Noteworthy to remind that, the centre handles not only the sale, but also buyback of gold products.