Ukrainian Jewelers to Gain Access to Bank Gold Starting August 2025.

A New Era for the Jewelry Industry

According to TSN.ua: In a significant policy shift, the National Bank of Ukraine (NBU) has authorized the sale of bank-held precious metals directly to jewelry manufacturers, effective August 2025. This move comes after the Association of Professional Participants in the Bank Metals Market formally petitioned the central bank in early June 2025. Previously, since August 2022, banks were only permitted to sell precious metals purchased back from their own customers through bank tellers. This change provides a crucial legal supply channel for a key domestic industry.

The initial regulation permitting such sales to jewelers was actually passed in December 2024. This legal framework finally allowed jewelers to source raw materials through official channels without violating Ukrainian law.

"Jewelers had long advocated for this permission, as it provides a real, legal way to obtain raw materials without breaking Ukrainian law," said Alla Ishchenko, a representative of the Association.

It is important to note that despite the December 2024 rule change, no actual sales to jewelers occurred until after the Association's intervention.

"Not a single transaction had taken place. We, as an association, appealed to the NBU with a letter in June 2025. The National Bank made the clarifying additions in August 2025, after which certain volumes of gold imports appeared," stated Alla Ishchenko.

Addressing Modern Challenges

Currently, three banks are accredited to sell bank metals to jewelry producers. This decision was deemed necessary in the context of disrupted air travel, which has severely impacted traditional supply chains. Alla Ishchenko further commented: "This is a forced measure under the conditions of absent air travel. And it is a standard operation to ensure cash flow." The policy helps stabilize a sector vital to both domestic retail and export potential.

Consequently, the NBU's new policy unlocks fresh opportunities for the jewelry business, enabling manufacturers to legally acquire the metals needed for production. This development is also expected to stimulate the growth of Ukraine's jewelry market by providing reliable, legal sources of raw materials. Supporting the jewelry industry could have a positive economic impact, particularly given the contemporary challenges the country faces, including restrictions on international logistics.