Azerbaijan Jewelers Association talks plans for 2021

Business Materials 25 December 2020 12:43 (UTC +04:00)
Azerbaijan Jewelers Association talks plans for 2021

BAKU, Azerbaijan, Dec. 25

By Fidan Babayeva - Trend:

The Azerbaijan Jewelers Association plans to expand its membership in 2021, Chairman of the Board of the association Toghrul Abbasguliyev told Trend.

According to Abbasguliyev, the association has carried out a significant scope of work in 2020: “This year, such companies as AzerGold, Azersuvenir, Levata Group, İtaldizain, Resm, Zinəti-Zişan, Dastan, Selvi, and others joined us. In general, about 300 market participants announced their intention to become a member of the association. However, due to coronavirus-related quarantine measures, the official adoption with the documentation has not yet taken place.”

The association chairman noted that this year’s jewelry sales fell by about 70 percent and production - by 80 percent.

The volume of jewelry production in Azerbaijan in 2020 is no more than 20 percent of the production level in 2019, he said.

Abbasguliyev also spoke about forecasts for 2021: “Sales and demand for jewelry are formed mainly due to wedding events, as well as the work of shopping centers, and the forecasts are tied to the likelihood of lifting quarantine restrictions on holding relevant celebrations and opening shopping centers in the country.”

The Azerbaijan Jewelers Association was established on February 14, 2020, by the initiative and with the support of the Small and Medium Business Development Agency under the Ministry of Economy of Azerbaijan. It was created to support the development of the jewelry sector, promote and implement initiatives in this sector, coordinate entrepreneurs, especially SMEs, and to expand cooperation between them.


Follow the author on Twitter: @Fidan_Babaeva