The jewelry industry in Ukraine is no exception as a result of the full-scale war. Experts state a disappointing fact: the precious metals market has disappeared, and it has become much more difficult for customers to buy them. And this gives rise to a “gray” market, writes Korrespondent.
This happened due to the introduction of currency restrictions by the NBU Resolution No. 18. This led to a reduction and now to a complete cessation of gold imports by banks to Ukraine.
“The market was mainly based on the import of precious metals. Currently, no bank is importing it. No imports means no market,” said Yulia Zakharova, Deputy Head of Interbank Operations at PrivatBank.
According to Alla Ishchenko, head of the Association of Professional Participants of the Precious Metals Market of Ukraine, there has been a sharp decline in official gold imports. “In 2020-2021, 2 tons were imported to Ukraine, in 2022-2023 – 1 ton, and in the first quarter of 2024, we managed to import a small amount. Over the years, the share of bank gold in high-grade bullion did not exceed even 0.2% of total commodity imports to Ukraine,” she said.
