Azerbaijan Restarts Austria Jewelry Trade and Shifts Markets

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Gems News: Azerbaijan Turns the Spotlight Back to Austria as Jewelry Partner

In a surprising twist that captures market watchers’ attention, Azerbaijan has resumed gold, silver, and precious-metal jewelry imports from Austria—marking the end of a 20-month pause. In the first half of 2025, the country imported a total of 1,497 kilograms of jewelry valued at approximately US$18.82 million, reflecting declines of 20 percent in volume and 9 percent in value year-on-year, according to data from the State Statistical Committee.

So Where Did the Rest of the Imported Jewelry Come From?

Breaking down the sources:

-Italy supplied 33.7 kg (–13 percent), worth US$9.26 million (–12 percent);

-Switzerland provided 10.72 kg (–17 percent), via US$2.18 million (–11 percent);

-India, surprisingly dynamic, contributed 19.1 kg (+46 percent), with US$1.33 million value (+54 percent);

-France accounted for 3.71 kg (+3 percent), at US$1.3 million (+48 percent);

-Türkiye remained a large supplier at 558 kg (–36 percent), although in value terms only US$904,000 (–23 percent).

This Gem News report signals a strategic shift with the re-entry of Austria—albeit in minimal volume (0.01 kg worth just US$1,500)—but the symbolic value of resuming that trade relationship is crystal clear.

Bigger Trends and Regional Forces at Play

Azerbaijan is playing in a global jewelry arena with rising stakes. Its domestic jewelry market grew to an estimated US$127 million in 2024, surging 38 percent versus the prior year—suggesting a vibrant consumption landscape with growing demand for both imports and locally produced pieces. Additionally, locally made jewelry—often crafted with high-quality standards—accounts for a commanding 60 to 65 percent of the domestic market, underscoring the strength of Azerbaijan’s homegrown craftsmanship.

Globally speaking, the jewelry market is booming. The global industry was valued at around US$270 billion in 2024 and is expected to climb significantly, with forecasts projecting up to US$389 billion by 2025 or even US$566 billion by 2033.

Why UAE and Thailand Should Target Azerbaijan’s Market

The United Arab Emirates, with its glittering Dubai hubs, is a powerhouse: its gems and jewelry market stood at about US$4.66 billion in 2024, and it’s projected to swell to US$7.65 billion by 2033 with a CAGR of 5.8 percent.

Meanwhile, the UAE also serves as a global trade hub for diamonds and gems—Dubai is one of the world’s largest diamond trading centers, supported by tax-friendly environments, vibrant souks, and strong tourism infrastructure. Its established supply chains and trade infrastructure make direct engagement with Azerbaijan a natural extension.

Thailand, too, holds immense promise. The country boasts a well-developed gems and jewelry industry and is positioning Southeast Asia as a global jewelry manufacturing region. Probing partnerships with Azerbaijan—whether through sourcing precious metals, co-branding, or developing cross-market collaborations—could open new channels and diversify export flows for both regions.

Why It All Matters

Azerbaijan’s scaled-down but strategic return to importing Austrian jewelry signals flexibility and evolving preferences. The expanding domestic market, coupled with thriving local producers, paints a picture of dynamic internal demand. For established jewelry centers like the UAE, and rising players like Thailand, this represents an opportunity to deepen trade ties, access a growing consumer base, and develop supply-chain synergies. With global jewelry consumption expanding rapidly, the time is ripe for regional players to shine brighter and craft new chapters in cross-border trade.

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