BAKU, Azerbaijan, May 22
By Fidan Babayeva - Trend:
In order to stimulate the jewelry market and contribute to the removal of the secondary market from the "illicit economy" in the jewelry industry, it is planned to create the first center for the sale and exchange of gold and silver products produced by AzerGold CJSC gold mining company, Zakir Ibrahimov, Chairman of the AzerGold Board, said, Trend reports.
Ibrahimov made the statement at the business forum ‘Jewelry Activity: Current State and Prospects’.
He noted that the center will sell AzerGold coins and bars at the current price of gold on the world exchange with a minimum profit.
According to the chairman, the amendments to the Tax Code, approved by the Decree of the President of Azerbaijan Ilham Aliyev dated March 9, 2021, created a legal basis for turning AzerGold products into a favorable investment tool.
"Continuous reforms carried out towards the development of the jewelry industry have led to a decrease in the added value of gold coins and bars offered by AzerGold to the retail market, and to optimize sales prices. As a result of the exemption of coins and bars from VAT, the sales prices are 18 percent lower by the company," said Ibragimov.
AzerGold CJSC was established by order of President Ilham Aliyev dated February 11, 2015. The company carries out work on the research and development of deposits of precious and non-ferrous metals in the country and is also engaged in the extraction, processing, and trade of precious metals.
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