ASTANA – Kazakhstan is moving to bring a larger share of its jewelry industry into the formal economy by tightening controls over precious-metal turnover and improving access to legally sourced gold for jewelers, as the domestic jewelry market reached nearly $168 million in 2025.
Photo credit: Press service of the Ministry of Industry and Construction The rise of the production was discussed at a government meeting chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin on combating the shadow economy and illegal circulation of precious metals on Sept.
16. According to the Ministry of Industry and Construction, Kazakhstan’s domestic jewelry market grew 3.4% in 2025, while jewelry production increased 31% to $7.2 million. Jewelry exports amounted to $65.4 million. At the same time, market participants estimate that a significant share of jewelry turnover remains in the shadow economy.
Government targets transparency in jewelry trade Deputy Prime Minister and Minister of National Economy Serik Zhumangarin chaired a Sept. 16 meeting on combating the shadow economy and illegal circulation of precious metals. Photo credit: PM’s press service. The authorities are considering measures to increase transparency across the jewelry supply chain, including the handling of precious-metal scrap and waste.
In 2025, pawnshops transferred nearly 3.2 tons of precious-metal scrap and waste to Tau-Ken Altyn for processing, down from 3.8 tons in 2024. Against this backdrop, participants proposed working with the Agency for Regulation and Development of the Financial Market on mandatory transfer of precious-metal scrap and waste to refining entities, as well as improving the rules governing their acceptance and sale.
The proposals are intended to strengthen oversight of the movement of precious metals and reduce opportunities for their circulation outside the formal economy. Zhumangarin stressed that efforts to formalize the industry should also ensure that jewelers have practical conditions to operate legally.
“Jewelers are true artisans whose profession is passed down from generation to generation. We have major jewelry centers, and it is important to preserve this heritage and bring the industry into the formal sector as much as possible,” Zhumangarin said. He emphasized the need to provide jewelers with access to a legal and affordable source of gold.
“Creating transparent conditions for their work will be one of the key steps toward formalizing the industry,” he said.