AzerGold joins discussions on Jewellery industry

Azerbaijan has a great potential and rich traditions in the field of jewellery. Extensive use of international experience, implementation of stimulus measures, transparent regulatory policy, restoration of jewellery traditions will further increase its role in the non-oil sector.

A business forum on "Jewellery activity: current situation and prospects" was held on May 21. The event organized by the Public Council under Small and Medium Business Development Agency (SMBDA), with the support of SMBDA and in partnership with the Association of Jewellers of Azerbaijan was joined by the representatives from the Ministry of Economy, State Tax Service, State Service for Antimonopoly and Consumer Market Control, AZPROMO, State Customs Committee and AzerGold CJSC.

Farhad Garashov, Chairman of the Public Council under SMBDA pointed out that the forum was organized with the view to hold a state-business dialogue platform for the development of the jewellery industry, discuss opportunities for improving the jewellery market and factors affecting the competitiveness of market participants, and convey entrepreneurs' proposals to relevant agencies.

Speaking at the event, Chairman of the Executive Board of SMBDA Orkhan Mammadov informed about the reforms in the jewellery sector, tax exemptions applied in this area since the beginning of this year, the establishment of a working group to develop reform proposals in the jewellery industry and the establishment of the Jewellers Association. He stressed that the forum will be important in giving entrepreneurs a full picture of the reforms in the field of jewellery and assessing the effectiveness of changes in the sector.

Zakir Ibrahimov, Chairman of the Executive Board of AzerGold CJSC, noted that the company actively participates in the projects related to the development of jewellery, which is one of the important areas of the local industry, and spoke about the Company’s initiatives towards developing the jewellery industry and proposals to address existing problems. The chairman voiced confidence that recent reforms will lead to significant progress in the field of jewellery, emphasizing that AzerGold, a state-owned company and a supplier of precious metals, stands poised to contribute to the development of the jewellery industry in the country.
Samira Musayeva, Deputy Chief of the State Tax Service under the Ministry of Economy, made a presentation on the changes made to the Tax Code and tax exemptions at the beginning of this year.

Chairman of the Executive Board of the Azerbaijan Jewellers Association Togrul Abbasguliyev spoke about the current status of the jewellery industry and the expectations for the sector.

During the event, participants held discussions on jewellery activities in Azerbaijan, local jewellery production, the difficulties faced by entrepreneurs and expectations for the sector. Moreover, various proposals for the development of the industry were voiced, and questions of interest to entrepreneurs were responded by relevant agencies.

The event was arranged in accordance with applicable rules and regulations amid COVID-19 pandemic.