AzerGold opens first sale and exchange center

With the view to support the reforms towards the development of the jewelry industry in the country, AzerGold Closed Joint-Stock Company (CJSC) has launched the first sales and exchange center to sell the products made from local gold.

In addition to 5, 10, 20-gram coins and ingots offered to the local retail market by the Joint-Stock Company since 2019, new gold bars weighing 1, 10 ounces, 500 grams and 1 kilogram, as well as the coins with various designs were put up for sale in the center located at 3 Bulbul Avenue, Baku.

Despite the fact that, AzerGold has a significant impact on the volume of gold export, the use of some gold produced this year for the production of coins and ingots for retail sale aims to contribute to the development of the local jewelry industry, stimulate national production and increase the country's economic growth.

It is noteworthy that before gold and silver in the form of ingots, coins and pellets was exempted from value added tax, customs duties, as well as excise tax imposed on imported gold, these products were sold at a fairly high cost. As a result of these changes, the Company's products are presented to buyers at the official sales and exchange center of AzerGold with a minimum profit margin in accordance with the current gold price on the world stock exchange. A significant part of the value added to the prime cost of products are production costs.

Moreover, the Center will, for the first time, serve for the purchase and exchange of coins and ingots produced by the Company in accordance with the current price of gold on the world stock exchange. Thus, you will be able to choose products not only as a gift, but also as a profitable investment tool that might be exchanged any time in the national currency.

The new system will have a positive impact on removing the second-hand market from the "shadow economy" in this area. This, in turn, will help to clean out the local jewelry market of counterfeit products smuggled into the country through smuggling and other illegal means. Besides, the launch of AzerGold's first sales and exchange center will play an important role in meeting the local jewelers’ needs in raw gold material in cooperation with the Azerbaijan Jewelry Association.

Notably, given the high interest and demand for AzerGold products in local market for 3 years, Company may open new sale and exchange centers in major cities and regions of the country in the future.