AzerGold chair: Imported products of such kind in Azerbaijan are lower than for local ones


February 18, Fineko/abc.az. Starting from 2017 AzerGold sold 173,000 ounces of gold and 290,000 ounces of silver and earnings reached AZN 399.3 million.

ABC.AZ reports that the statement was made by AzerGold’s chairman Zakir Ibragimov when delivering speech at a meeting with entrepreneurs in Baku on the topic "Prospects for the development of the jewelry market in Azerbaijan: problems & opportunities".

The chair pointed out that as a result of those operations, more than AZN 30.6 million of taxes and duties were paid to the country's budget (AZN 3.8 million to the State Social Protection Fund and AZN 26.8 million as taxes).

According to Ibragimov, along with the sale of extracted precious metals on international markets, work is currently underway to provide gold and silver to the State Oil Fund, Azersuvenir LLC and a number of other structures: "At the ore processing site at the Chovdar field, located in Dashkesan district, 5, 10 and 20 grams of gold and silver of 999.9 samples and coins of high quality are produced, currently being sold in 12 different points of the city, as well as on an online platform. Our products are provided with the appropriate quality certificate, which acts as a reliable guarantee of the rights of buyers amid the lack of state service on the control of precious metals and precious stones. Despite the fact that the company sells local products, in some cases imported products are sold cheaper in Azerbaijan. This can happen only in two cases: it is either the possibility of smuggling this product to Azerbaijan or understating the sample of imported precious metals in the absence of a sampling body."