Zakir Ibragimov: Lack of quality control in jewelry sector can lead to economic losses


February 18, Fineko/abc.az. Baku hosted a meeting with entrepreneurs on the theme "Prospects for the development of the jewelry market in Azerbaijan: problems & opportunities".

ABC.AZ reports that AzerGold’s chairman of board Zakir Ibragimov said that despite the existence of modern and innovative quality control mechanisms in the world, the current lack of quality control systems along the value chain of the local jewelry industry, along with economic losses, can lead to a number of social problems.

He explained this in the following way: "As you know, until last year, this supervisory function was performed by the Financial Market Supervision Authority. Currently there is no single control mechanism in this direction, and against this background the risks of violation of the rights of suppliers and buyers are increasing. Taking all this into account, I’d like to note that providing market participants with raw materials at a reasonable price on world exchanges can be both a guarantee of transparency in the market and support for increasing export potential. At the same time, providing access to incentive mechanisms and financial instruments for both importers and local producers working in this area can serve to increase market transparency in general, and increase the role of the jewelry sector in the country's economy."