Baku, August 10 – Azerbaijan has posted a sharp rise in gold exports, with $121.3 million worth of gold shipped abroad in the first five months of 2025 — 2.7 times, or $76 million, more than in the same period last year. In May alone, exports totaled $25.9 million, up 86.3 percent year-on-year.
According to Rovshan Amirchanov, Deputy Chairman of the Azerbaijan Jewelers Association and head of the Technical Committee on Precious Metals and Stones Standardization, gold exports have been steadily growing for the past five years, reaching a record high in the first half of 2025.
He attributes the surge primarily to rising global gold prices, driven by geopolitical instability, trade disputes, market uncertainty, a weaker U.S. dollar, and increased demand from central banks and major investors, Kaspi reports.
In early June 2025, gold prices briefly hit $3,400 per ounce before settling in the $3,370–$3,380 range — a jump that directly boosted the value of Azerbaijan’s exports.
Rising Production Capacity
Amirchanov also pointed to increased domestic production as a key factor, citing new deposits brought into operation through recent geological exploration and the adoption of advanced extraction and processing technologies. These developments, he said, have improved efficiency, expanded output, and strengthened the country’s overall export potential.
State Measures to Sustain Growth
To maintain momentum, the government is rolling out targeted policies, including phased development of new deposits, digitalization of production processes, and the introduction of green technologies in refining facilities. Tax incentives, VAT refunds, simplified customs procedures, and expanded market research are also being used to boost competitiveness and secure access to new export destinations.
Long-Term Prospects
Amirchanov expects Azerbaijan’s gold exports to remain on an upward trajectory, with a growing share of value-added jewelry alongside raw gold in the export mix.
Economist Emin Garibli agrees that the outlook is strong, citing higher output in 2023–2024, the discovery of new deposits, and price growth as key drivers. However, he cautions that gold is a finite resource and urges efficient use of existing deposits, compliance with environmental standards, and intensified exploration — including in territories liberated after the 2020 war — to ensure long-term sustainability.
