BAKU, Azerbaijan, Oct. 5
By Farida Nuri - Trend:
Sales of gold products in the Azerbaijani market decreased by 70-80 percent during the coronavirus pandemic, and at times of complete lockdowns - by 90 percent, Toghrul Abbasguliyev, Chairman of the Jewelers Association of Azerbaijan, told Trend.
According to him, during periods of tightened quarantine, sales of gold items were carried out only through social networks.
“Jewelry stores dedicated exclusively to weddings suffered heavy losses. And brands - both global and local, whose products are intended for daily wear, were able to establish trade via the Internet,” Abbasguliyev said.
He also said that landlords made concessions during periods of tightening quarantine.
“We are talking about both large shopping centers and street trade facilities. Discounts for renting premises sometimes reached 50 percent,” said the expert.
In January 2021, incentives to support the jewelry sector came into force.
“Platinum, gold, jewelry and other products from them imported into Azerbaijan, processed, sorted, framed and fixed diamonds, are exempt from excise tax for a period of three years, as well as from a customs duty of 15 percent. When they are imported into the country, only VAT is paid,” the chairman said.
To stimulate local production, the import of jewelry equipment was exempt from VAT, Abbasguliyev said.