BAKU, Azerbaijan, Dec. 24
By Nazrin Israfilova - Trend:
The number of members of the Association of Jewelers has increased in Azerbaijan in 2021, Toghrul Abbasguliyev, chairman of the association told Trend.
According to Abbasguliyev, in 2020 the association had a small number of market participants, and this year, almost all the largest and medium-sized manufacturers, all major market players, importers and distributors joined them.
He noted that the main achievement of 2021 is the joining of nearly 100 market participants to the association, which is quite a high indicator for the jewelry sector. Last year, on the initiative of the Ministry of Economy, a working group was created to develop proposals to strengthen jewelry production in Azerbaijan, and these proposals were presented to government agencies, while in 2021 the proposals have already entered into force.
"From January 1, 2021, there have been introduced certain tax customs privileges for jewelry manufacturers and importers. A manufacturer importing equipment for the production of jewelry from gold and silver is exempt from value added tax," the chairman said.
“Moreover, a manufacturer importing gold in the form of bars and coins is also exempt from customs duty of 15 percent and excise tax. The conditions are the same for precious stones. For importers, such exemptions as a 15 percent customs duty and excise tax exemption have come into force. All of the above rules will be valid for three years," added Abbasguliyev.
"Association of Azerbaijan Jewelers" public union was created in February 2020, at the initiative and support of the Azerbaijan Small and Medium Business Development Agency (SMBDA). Its main mission is to turn Azerbaijan into a regional jewelry center.