KazakhYuvelir: 85 Years!

The Story of the Country’s First Jewelry House

Imagine a company entering the 1990s without the economic foundations it had long relied on. Supply chains had come to a halt, working capital had run out, yet the doors of its stores still had to open every morning. To stay afloat and ensure that employees continued to receive their salaries, management had to take unconventional measures. Every marketable asset was put to use, including imported textiles and remaining stock from retail outlets closed as part of the Berezka trading network.

Today, having come through that exceptionally difficult period, the company is celebrating its 85th anniversary. Behind this milestone lie years of development and an era in which the lives of hundreds of people became intertwined as they worked to preserve the country’s jewelry heritage.

Ahead of the anniversary, Dabyr Inkerbayev, the company’s principal shareholder and one of the key figures behind its modern history, and Zhanibek Nurpeisov, Commercial Director, sat down for an open conversation. The full interview is available on our YouTube channel:

The Turmoil of the 1990s and the Value of Reputation

As familiar systems collapsed and only 16 of the 38 stores in the extensive Kazyuvelirtorg network could be retained, the company’s greatest assets were neither its premises nor its remaining raw materials. They were its people and a name that inspired trust.

“At the time, Kazyuvelirtorg had 38 stores. Then privatisation began. We did not have the resources to preserve the entire network,” recalls Dabyr Kamysbayevich. “What I remember most is the support we received from our employees. Through our collective efforts, we managed to keep 16 stores.”

In an environment marked by shortages, personal relationships and the trust of business partners proved invaluable. Leningrad-based Russian Gems helped fill gaps in the product range, while Canadian suppliers entrusted the company with precious jewelry on little more than a word of honour, allowing payment to be made once the items had actually been sold.

“For me, quality and trust in our name must always remain constant,” Dabyr Kamysbayevich emphasises. “Customers must be confident that they are receiving exactly what they have paid for. But trust matters not only to our customers. In the most difficult years, our employees and suppliers also placed their trust in us. That is what enabled the company to continue operating.”

Generations Connected Through Family Memories

Over the decades, KazakhYuvelir’s salons have grown far beyond the role of ordinary retail outlets. Today, it is difficult to find a family in Kazakhstan whose story has not, in some way, intersected with the brand.

“Over the years, the company has become part of the history of many families,” says Zhanibek. “Some people tell us that their parents bought their wedding rings here. Others remember a piece of jewelry given to them by their mother, or one passed down from their grandmother.”

This continuity between generations also shapes the direction of the modern team. Respecting the cultural codes of the past requires an ongoing dialogue with a new generation that values not only the status associated with a precious piece of jewelry, but also its deeper meaning and design.

The Road to the Centenary

In 15 years, the brand will celebrate its centenary, and its ambitions extend well beyond the domestic market.

“Being a Kazakhstani brand means more than simply using a national ornament or pattern. It means understanding our culture and continuing to tell its story in a contemporary language,” says Zhanibek. “I would like someone in Dubai, Paris or New York to first see a beautiful, distinctive piece of jewelry and then discover our culture through its story.”

Returning to the company’s roots, the Commercial Director offers a symbolic reflection:

“You preserved the company at a time when its very existence was in question, and we were given the opportunity to take it forward. If, by the centenary, the company has grown stronger while retaining the trust associated with its name, then we will have done justice to what you passed on to us.”