Gold prices have fallen from recent record highs in recent weeks as investors locked in profits after a strong rally, providing some relief to jewellery buyers in Central Asia ahead of the wedding season and other family celebrations.
Although gold remains expensive by historical standards, the recent decline has encouraged some customers who had postponed purchases during the sharp rise seen earlier this year.
Market analysts say it is common for prices to ease after prolonged gains, as investors secure profits and demand temporarily slows.
Jewellers say many buyers in Central Asia view gold not only as an accessory but also as a traditional store of value and an important part of family occasions. Demand typically strengthens ahead of the wedding season, with customers paying close attention to daily price movements.
“Customers are increasingly comparing different designs and weights to balance affordability with long-term value. Some buyers are opting for lighter pieces, while others continue to favour classic designs that are popular for weddings and gifts,” said Yhlas Mamedov, director of the SOKOLOV franchise store in Turkmenistan.
SOKOLOV, one of Russia’s largest jewellery holdings, operates more than 1,000 stores across Russia and the CIS countries and produces more than 30 million pieces of jewellery annually.
Industry participants say short-term fluctuations are unlikely to change the important role gold jewellery plays in Central Asia. More stable prices, however, could support sales in the second half of the year.
Analysts say gold prices are likely to continue fluctuating in the coming months, but periods of decline are common after strong increases. For consumers in Central Asia, the recent easing in prices may offer a better opportunity for planned purchases and family celebrations.
