Kazakhstan sees rise in gold jewelry price

Kazakhstan Materials 18 October 2021 13:23 (UTC +04:00)
Kazakhstan sees rise in gold jewelry price

BAKU, Azerbaijan, Oct. 18


Kazakhstan produced jewelry and similar products for 794.6 million tenge ($1.9 million) in 8M2021 increasing its production by 46.3 percent in value terms compared to the same period last year, Trend reports referring to Kazinform.

According to the information, the real growth of industrial production amounted to 61.5 percent.

Most of the jewelry products in the structure of regions were produced in Almaty - for 429.1 million tenge / $1 million (an increase of 2.5 times per year). It is noted that the southern capital accounts for 54 percent of all production in the sector. The three leading regions are also the Karaganda region (124.4 million tenge / $292,148) and Nur-Sultan (105.7 million tenge / $248,232).

Also, some 409.3 million tenge ($961,225) accounted for the production of jewelry directly from precious metals, 385.3 million tenge ($904,862) - the production of other products from precious metals, as well as natural or artificial precious and semiprecious stones.

At the end of September this year, prices for jewelry and watches increased by 0.3 percent per month and by 7.1 percent per year. Also, wristwatches have risen in price in annual dynamics by 9.1 percent, gold wedding rings - by 6.8 percent.

The strongest growth in prices for jewelry and watches in the annual dynamics was felt by residents of the Akmola region - by 22.2 percent. A significant rise in prices in the sector was also recorded in Aktobe (17.7 percent per year) and in Almaty (14.7 percent) regions. The smallest rise in prices was observed in Shymkent (2.1 percent).

According to domestic jewelry manufacturers, members of the Association of the League of Jewelers of Kazakhstan, the share of shadow turnover in this industry reaches 90 percent, including not only the products themselves, but also the associated turnover of precious metals and stones.