BAKU, Azerbaijan, January 14. As the global
precious metals markets keep climbing, the prices for gold and
silver products in Azerbaijan are also on the rise, following a
distinct upward
Rovshan Amirjanov, Deputy Chairman of the Board of the
Azerbaijan Jewelers Association and Head of the Technical Committee
on Precious Metals and Stones, told Trend that gold has reached record levels
globally, surpassing $4,600 per ounce, while silver is trading near
$90 per ounce. He explained that silver’s extensive role in
electronics, energy, and production chains, coupled with the rising
curiosity from investors, is a big player in the game of price
swings.
“This trend is reflected in the Azerbaijani market, where
domestic prices are directly sensitive to changes in the global
market. Price increases are particularly noticeable in imported
goods, as new shipments arrive at higher prices, updating retail
prices promptly. However, not all products rise at the same pace,
especially heavy jewelry purchased earlier, which is adjusted in
stages,” Amirjanov noted.
The Effect of Global Precious Metal Price Surges on
Azerbaijan’s Jewelry Market
He added that in Azerbaijan, gold and silver product prices are
formed based on global market indicators. Therefore, when global
prices rise, the base metal value per gram increases, which is
reflected in retail prices.
“When global prices rise, the domestic value of the base metal
per gram naturally increases, and this change is reflected in
retail prices. However, the price of jewelry is influenced by more
than just the metal itself: factors such as craftsmanship, design,
the inclusion of precious stones, and service costs are also taken
into account, which means that in-store price increases can
sometimes outpace movements on the stock market,” Amirjanov
delineated.
Price Outlook for the Coming Period
Looking ahead, Amirjanov mentioned that as long as global prices
stay on the high horse, the trend of rising prices in Azerbaijan is
likely to keep rolling along.
“Short-term fluctuations are possible: after sharp increases,
prices may stabilize or briefly retract. In silver, industrial
demand provides support, while rising investment interest increases
volatility, making the market more responsive and flexible to news
and global trends,” he added.
According to the State Statistics Committee, Azerbaijan produced
2,815 kilograms of gold from January through November 2025, an
increase of 248 kilograms, or 9.7%, compared to the same period in
2024, when 2,567 kilograms were extracted. As of December 1, 2025,
the country’s gold reserves totaled 155 kilograms.
Meanwhile, silver production in the same period reached 3,506
kilograms, 441 kilograms, or 14.4%, higher than the previous year.
By December 1, 2025, the country’s silver reserves totaled 885.3
kilograms.
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