The jewelry market in Azerbaijan has become a favorable place for the sale of fake gold. According to experts, the lack of adequate control in this area has caused the massive entry of low-quality products into the market. This increases the risk of citizens being deceived in the market.
So what is the reason for the lack of quality control in the jewelry market? What should citizens pay attention to so as not to be fooled when buying gold?
“Caspian” newspaper article on the subject.
Unregulated market
Eyyub Huseynov, president of the Union of Free Consumers (ABU), stated that there is currently no control mechanism in the gold market:
“Until 2019, the market was controlled by the Chamber of Ayar. The chamber inspected gold products and put its seal on products that met quality standards. We also told citizens that when purchasing gold, they should pay attention a if the product has the Ayar Chamber “rhomboid” seal If there was a seal on the product, then the gold was of good quality But now the situation on the market is completely different. For almost six years, the Ayar Palata. it is abolished and no. In its place an institution has been established. As a result, the gold market has become one of the most polluted segments of the market. There is great anarchy in this area, we cannot guide the consumers because of. legal loopholes”.
According to E. Huseynov, the government should take the necessary measures in this direction:
“I think the Chamber of Adjustment or a similar institution should be created.”
Request receipt and certificate
Rovshan Amirjanov, vice-chairman of the board of directors of the “Azerbaijan Jewelers Association”, stated that large market participants are also interested in eliminating market deficiencies:
“As a result of the lack of quality control, the presence of enough counterfeit products on the market carries a high risk of deception for jewelers and citizens. When consumers buy gold and jewelry, they need documents proving quality conformity. of gold. to 585, 750, 999.9 or other standards, the weight and purity of the precious stones, color scale and other parameters reflected in the certificates, as well as cash receipts, must be requested.
R. Amirjanov stressed that the Jewelers Association regularly carries out educational activities among businessmen. Entrepreneurs are supported to check the quality of gold products free of charge in the relevant laboratories with which the institution cooperates:
“As you know, the State Service for Control of Precious Metals and Precious Stones of the Ministry of Finance was abolished in 2019 and its functions were not assigned to any institution. In accordance with Article 10.3 of the Law “On Precious Metals and Precious Stones” ., produced by the subjects of business activity, as well as jewelry and other household products made of precious metals and precious stones sold in the country must bear the state seal. Currently, relevant state institutions are taking relevant measures in the. direction of the quality control mechanism, state control and regulation of precious metals and precious stones.
Four new standards will be adopted
R. Amirjanov noted that new standards were adopted to create quality criteria for jewelry produced and sold in the country:
“In this regard, the Technical Committee on the standardization of “Metals and Precious Stones” was created in 2021, consisting of representatives of the State Antimonopoly and Consumer Market Control Service, the Azerbaijan Institute of Standardization, the Public Union of the Association of Jewelers of Azerbaijan and “”AzerGold” CJSC. During the three years mentioned, 12 state regulations in this field were adopted. Four more draft standards are planned to be included in the state register in accordance with the legislation.
“Escaping for five manats is a risk”
Economist Fuad Ibrahimov also believes that it is necessary to have a state institute in this area:
“In the modern era, there are various means to form people’s reserve fund. This reserve can be created in the form of cash, real estate, including gold. Gold is considered the most valuable among non-ferrous metals, but at the same time it is a place of economic confidence for all. Citizens thus reduce their risks and diversify. If this precious metal is not worth what the citizen buys, that consumer must be sure that they are purchasing a quality product. “An institution should be created in this field.”
The expert stated that it is now possible to check the quality of gold products in some sales centers. But since this work is done at the citizen level, it cannot be considered sufficient:
“Today, if we cannot make the circulation of gold transparent, it is to the detriment of both the State and the citizens. In such situations, a citizen can turn to law enforcement and the courts, as well as to the leadership of the store where you bought low-quality products. But since there is no mechanism for this, appeals will not be important. From this point of view, the Ministry of Economy should definitely raise the issue with the government in the direction of establishing a supervisor. necessary to put an end to retail trade in this area.
The expert recommended that citizens pay special attention to stores when choosing gold products:
“You cannot buy products from the place where they come from. In Baku, a gold market has been forming in 3 or 4 places for years. It is risky to escape for five manats cheaper. My advice to citizens is to Apply for your certificate when purchasing jewelry. In case of any problem, they must have evidence to file complaints.” .
