Gold market of Kazakhstan

January 26, 2013

Citizens of Kazakhstan, whose wealth and solvency are growing, have begun to buy jewellery more often than they did during the crisis. According to some estimates, the turnover of domestic jewellery market amounts to 150-300 million US dollars. The main part of the market is represented by products for the middle class, but not by exclusive handicrafts.  The average bill amounts to less than 300 US dollars. Lightweight jewellery weighing 2 to 3 grams accounts for 60 percent of the market. About 30 percent of clients representing mid-range segment buy jewellery at a price from 300 to 1 thousand US dollars. The remaining 10 percent of customers shares high and premium classes. Jewellery costing from 1 to 5 thousand US dollars is related to the former. More expensive jewellery is the premium segment. It is natural that when Kazakhstan’s residents buy expensive jewellery, they often have it tested by an authorised body.

Ruslan MUKHAMEDULY, GEMOLOGIST, SENIOR EXPERT, ASSAY OFFICE OF KAZAKHSTAN:
-Kazakhstan’s citizens often bring finished products, which include jewellery, rings and earrings. Since our gem market is not very developed, everybody brings jewellery, but sometimes the situation is different. They often bring diamonds, sapphires, emeralds and rubies, which are coloured gemstones, but mostly there are diamonds.

Experts mention several reasons why people want to test jewellery.

Ruslan MUKHAMEDULY, GEMOLOGIST, SENIOR EXPERT, ASSAY OFFICE OF KAZAKHSTAN:
-There are 2 reasons for testing. First off, if a person wants to sell a gemstone, they need a certificate, which makes it easier to sell a gemstone or jewellery. The second reason is psychological. A person bought jewellery somewhere and does not trust the seller, so they want to know exactly what gemstone they are wearing and check whether the information written on the paper is correct.

Today national handmade jewellery is very popular, but it is an exclusive product, which is why the price is high and few customers buy it.