Jewelry company KazakhYuvelir reported a profit of 528.4 million tenge for 2025, up from 484.5 million tenge a year earlier, a 9.1% increase, according to infohub.kz.
Revenue also grew, rising to 6.1 billion tenge from 5.4 billion tenge in 2024, a gain of 13.8%. The company's retained earnings reached 6.5 billion tenge at the end of 2025.
KazakhYuvelir's core business is retail trade in gold, silver, and other precious and non-precious metal jewelry, including pieces with precious and non-precious stone inserts. Its activities also include wholesale and retail trade, including commission trade, buying scrap and items made of precious metals and stones from the public, and providing paid services to individuals and legal entities.
As of the end of 2025, the shareholder structure was as follows: Adina Inkerbayeva held 20.3%, Gaisha Zhumasheva 17.3%, Aida Inkerbayeva 16.3%, Zhaidar Inkerbayev 11.2%, and Zhania Dabyr 10.7%. The ultimate controlling party in the financial statements is named as Dabyr Inkerbayev, who holds 52% of shares in trust management. He served as deputy minister of trade of the Kazakh SSR and as deputy head of the affairs department of Nursultan Nazarbayev, President of the Republic of Kazakhstan.
All the listed individuals except Gaisha Zhumasheva are relatives of Dabyr Inkerbayev, and together they account for 58% of the jewelry company's shares.
Minor stakes are also held by: Zoya Dokuchayeva with 3.3%, Lyubov Larina with 3%, Raushan Iskakova with 2.8%, Vera Severgina with 2.4%, Almaz Zhumashev with 1.9%, and Adalat Baratova with 1.4%. Other individuals collectively own 6.6% of shares, but each holds less than 1%.
Remuneration for KazakhYuvelir's key management personnel in 2025 amounted to 136.4 million tenge, compared with 120.5 million tenge in 2024. This sum includes salaries and other payments. The chair of the management board (CEO) is Adina Dabyrovna Inkerbayeva, daughter of main owner Dabyr Inkerbayev and one of the nominal large shareholders.
KazakhYuvelir has a 100% subsidiary, KY Factory, engaged in manufacturing. At the end of 2024, the company had another 100% subsidiary, KazakhYuvelir-Lombard-Almaty, but it effectively ceased operations in 2024.
On December 3 and 6, 2024, KazakhYuvelir purchased 200,000 Eurobonds of the Ministry of Finance of the Republic of Kazakhstan at 100.325% and 100.35% of nominal value (total nominal value $400,000) with a yield of 4.5% per annum.